CRO Enacts History's Most Absurd Governance Farce, 70 Billion Tokens Minted Out of Thin Air
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CRO Enacts History's Most Absurd Governance Farce, 70 Billion Tokens Minted Out of Thin Air
The good news is that the official team has proposed burning 100 million tokens—just wait another 700 years, and the supply will be restored!
Navigating Web3 tides with focused insightsAuthor: Azuma, Odaily Planet Daily
Crypto.com and its affiliated blockchain Cronos recently staged one of the most absurd governance farces in blockchain history—70 billion tokens (the current total supply of CRO is 30 billion) were suddenly reissued. Despite fierce retail opposition, community voices became a complete joke in the face of the official "veto power."
Origin: The team proposes to reissue 70 billion tokens
The incident dates back to March 3.
On that day, Cronos announced a bold plan (truly bold), aiming to revive Cronos' golden era and invest heavily in supporting the Cronos roadmap (including ETFs) and ambitions for the U.S. to become the capital of the cryptocurrency world. To support this plan, Cronos proposed reversing the 70 billion token burn event from February 2021 (note: Cronos’ X announcement didn’t even dare explicitly state this number) and use this amount to build a Cronos strategic reserve.
Specifically, Cronos proposed reissuing these 70 billion CRO to a Cronos strategic reserve custodial wallet, restoring the total CRO supply to its original genesis level of 100 billion. The newly issued tokens would be locked for 10 years (calculated from the CRO genesis date) and then linearly unlocked monthly.
Development: Fierce community backlash, suspected vote manipulation by the team
Clearly, no matter how grandly Cronos promoted this proposal, such a massive reissuance would inevitably dilute the value of CRO, something ordinary token holders could not ignore.
Mintscan’s governance voting records show that on the first day after voting began, opposition to the proposal reached as high as 95.7%, indicating near-universal community rejection… However, it turned out to be utterly meaningless.
As shown in the image below, with the intervention of an unknown force, the approval rate (green line) quickly overtook the rejection rate (red line)—temporarily ignoring the final upward spike in the green line.
This force is called “mysterious” because during most of the governance cycle between March 3 and March 17, the “yes” votes maintained only a very unnatural narrow lead—appearing as if this mysterious force once wanted to preserve an illusion of intense contention between pro and con opinions.
Climax: No more pretense now!
This awkward balance lasted right up until before the vote concluded.
According to Cronos’ governance rules (why even bother with this charade?), passing a governance proposal requires not only a threshold approval rate but also a voter turnout exceeding the statutory minimum of 33.4%. At that time, the proposal had not met this threshold. In other words, even though the approval rate was higher, the proposal still couldn’t pass.
So Cronos simply dropped all pretenses—approximately 3.35 billion CRO suddenly entered at the last moment solely to vote “yes.” This explains why the green line sharply spiked at the end in the chart above.
According to disclosures from Unchained, three independent sources revealed that Crypto.com and Cronos collectively control 70–80% of the voting power.
The reason equilibrium appeared temporarily earlier was that only two validator nodes controlled by Crypto.com—Starship and Falcon Heavy—had participated initially. At the final moment, three additional validators—Electron, Antares, and Minotaur IV—also joined in.
You can clearly see in the image below the staggering disparity between official influence and retail voting power.
In the end, with direct involvement from the official side, the proposal passed “smoothly,” meaning 70 billion CRO will eventually be minted and await circulation.
In response to this ridiculous governance farce, numerous CRO holders expressed profound disappointment, with some bluntly calling it an insult to the community.
Bonus: Let me show you what real disrespect looks like!
Do you think this is already disrespectful? Apparently, Cronos doesn’t.
Shortly after the above proposal passed, Cronos proudly announced another proposal on X—to burn 50 million CRO, which amounts to just 0.07% of 70 billion. Now that’s true disrespect!
According to the historical burn records posted by Cronos, two burn events will occur each year, each destroying 50 million CRO, totaling 100 million CRO annually.
One community member sarcastically commented: “Looks like we’ll only need about 1,400 burns to offset this 70 billion CRO issuance. So just wait another 700 years, and supply will return to current levels.”
Only Cronos could pull this off—perhaps this is what it means to think like a “century-old company.”
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