Crypto.com recently held a vote leading to the issuance of 70 billion CRO tokens. With the decision favored by 61.18% of voters, concerns arise due to the company's control over 70% of voting rights, impacting governance transparency.
Crypto.com Increases CRO Token Supply
Crypto.com recently completed a vote to issue 70 billion CROs, heavily influenced by its 70% control over voting rights. The decision saw 61.18% approval.
CRO Price Impact
Following the issuance of new CRO tokens, the value dropped by 7.91%, reflecting market sentiment. The total value locked within Cronos also fell by 7.41%. Reactions from industry figures like Vitalik Buterin emphasize governance concerns.
Buterin's Centralization Assessment
This incident echoes past crypto governance challenges, where centralized decision-making faced backlash. Vitalik Buterin highlights the governance mechanism's crucial role.
Crypto.com's issuance of CRO tokens has led to substantial market fluctuations and intensified discussions about centralization in crypto exchange governance.
