Trump Media’s ETF deal with Crypto.com sparks controversy over $7bn in tokens – DL News
- Crypto.com will reissue 70 billion previously destroyed Cronos tokens.
- Critics are panning the timing of the token recovery and the Trump deal.
- The recovered tokens will inflate the Cronos supply to 100 billion coins.
Trump Media & Technology Group, US President Donald Trump’s media company, announced a partnership with cryptocurrency exchange Crypto.com to launch exchange-traded funds.
But backlash in the crypto industry has been swift.
That’s because the crypto exchange and its subsidiary Cronos Labs also said they will reissue some $7 billion worth of their native Cronos tokens that were burned in 2021.
Burned tokens in crypto are supposed to be permanently destroyed, but in Crypto.com’s case, they can be re-minted to fund the…
