Crypto.com CEO and founder Kris Marszalek responded to community backlash against the governance proposal seeking creation of a Cronos Strategic Reserve by undertaking a reversal of the 2021 token burn.
In a X post, replying to his previously controversial thread on a “rough patch for altcoins”, the executive defended the proposal to reissue the 70 burned billion tokens.
The proposal has been pitched as a move towards establishing US dominance in the crypto market and has led to mixed feelings amongst community members.
What Kris Said:
The response from the Crypto.com CEO came amidst many calls for further explanation of the logic behind the proposed burn reversal.
Kris explained that along with his previous four pointers for altcoins to achieve success ( 1. Finding Product-Market Fit (PMF), 2. Redeploying Free Cashflows, 3. Successfully Launching ETFs, 4.Participating in Reserve Building Initiatives), sustainable flows on the demand side is essential for long term success.
He reaffirmed that Crypto.com and Cronos would take several pathways to achieve this strategic goal and called upon the community to show loyalty and trust as CRO moves towards new ATHs.
“People who do not agree that this is the right approach are free to vote & free to sell,” the CEO said, sparking heated debate in the comments.
CroFam Reacts:
The sentiment of “trust us or sell” was seen as a betrayal by many who have stayed with CRO through ups and downs in the market.
Further, many outraged over the fact that clarity had still not been offered:
Others pointed out that community members had little control over the outcome of the proposal:
Even those supporting the move seem to believe that an AMA is necessary:
Despite the heated debate and community division, CRO has surged by 24.37% in the last 7 days, indicating that investor interest remains strong amid the controversy surrounding the proposed burn reversal.
