$CRO Backlash Explodes as Crypto.com Re-Issues 70B Tokens – Price Fallout Coming? 

Cronos ($CRO) is facing growing backlash after Crypto.com announced the re-issuance of 70 billion tokens and a new partnership with former President Donald Trump’s social media platform, Truth Social.

Despite the controversy, $CRO is outperforming Bitcoin today, gaining traction in the wake of the announcement.

The partnership was revealed by Crypto.com CEO Kris Marszalek, who said the exchange will launch a series of ETFs—one of which will feature $CRO.

Blockchain sleuth ZachXBT quickly condemned the move, calling the project “no different from a scam” in response to Marszalek’s post.

CRO is no different from a scam

Your team just reissued 70B CRO a week ago that was previously burned “forever” in 2021 (70% total supply) and went against the community wishes as you control majority of the supply.

Unsure why Truth would chose a partnership with your exchange… pic.twitter.com/XNlusLDdZc

ZachXBT, who is noted for his widely shared and consulted social media investigations into high-profile crypto scams, replied to the tweet with allegations that Marszalek’s exchange had re-minted some $70 billion $CRO tokens that were supposed to have been burned forever four years ago.

Furthermore, given that Crypto.com controlled most of the supply, ZachXBT hinted that the move looks like marker manipulation on the part of the exchange.

The blockchain investigator finished by adding: “Unsure why Truth would chose a partnership with your exchange over Coinbase, Kraken, Gemini, etc after this move by your team.”

Zach’s attempted takedown of the project has done little to scupper the upward pull from news of Truth Social and Crypto.com’s $CRO ETF collaboration.

Yesterday, the token shot up around 30% in response to the news. This buying momentum has since slowed, and 24-hour appreciation now currently stands at 6.5% as the project trades at $0.106 as of this writing.

Over the same period, market leader Bitcoin ($BTC) only rose 0.3% to trade at $87,736.

It also looks like there’s still plenty of headroom for further gains. $CRO’s current price represents a new resistance level for the token to overcome.

However, with a relative strength index (RSI) of 54, the asset is fairly priced right now, which could be a strong indicator that $CRO will be consolidating its gains around its current level before the weekend.

Further positive news, either with regards to the $CRO ETFs, or the industry in general, could give $CRO the leg-up it needs to recapture the vital $0.14 foothold.

People’s healthy appetite for $CRO reflects a broader appetite for altcoins in general, as the industry awaits news of crypto regulation from the new pro-crypto US administration.

One of the market’s buzziest altcoins right now is still only in its ICO phase, making now the perfect time to buy into BTC Bull ($BTCBULL).

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Each time Bitcoin’s price crosses specific price thresholds, BTC Bull investors receive direct BTC payouts— an innovative way to earn passive income just by holding a meme coin.

Investor’s excitement has reached fever pitch, with the project securing $100,000 within minutes of launch and collecting $4.1 million in investments within the first month.

The presale kicks off at $0.00243, with incremental price increases across funding rounds.

Combined with staking rewards up to 103% APY, BTC Bull presents an attractive portfolio diversifier alongside Cronos’s $CRO for investors looking to cash in on this year’s rallies.

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