- CRO’s price has surged by half in less than two days.
- Crypto sleuth ZachXBT accuses the Cronos team of a fraudulent scheme.
- The allegations surface right after Crypto.com’s partnership with Donald Trump’s Truth Media.
The price of CRO, the token for the Cronos blockchain, saw a dramatic 50% increase in under 48 hours. This rapid climb comes as prominent crypto investigator ZachXBT has made serious fraud allegations against the Cronos team.
In a post on X, ZachXBT accused the team behind Cronos of orchestrating a fraudulent scheme. He specifically claimed that the Cronos team secretly reissued 70 billion tokens that they had publicly burned in 2021.
According to ZachXBT, this action defied the community’s wishes and allowed the team to gain control over the majority of the token supply.
Why Do ZachXBT’s Accusations Carry Weight Now?
ZachXBT’s allegations are particularly significant due to their timing and the heightened awareness of the CRO token after a recent, high-profile partnership announcement.
Reports indicate that Donald Trump’s media company, Truth Media, the owner of Truth Social, recently partnered with the Crypto.com exchange to launch a series of ETFs and ETPs.
Related: TMTG (Truth Social) Teams Up with Crypto.com for “Made in America” ETFs
CRO was specifically named as one of the digital assets that Truth Media and Crypto.com intend to include in their ETF plans, pending regulatory approval. This news quickly grabbed the crypto community’s attention, with supporters and critics of CRO alike sharing their opinions.
Beyond his fraud allegations against the Cronos team, ZachXBT also criticized the Crypto.com exchange, questioning why Truth Media would choose their platform over others like Coinbase, Kraken, and Gemini.
How Did CRO’s Price React to the Trump Partnership?
It’s important to remember that Crypto.com is the parent company of Cronos (CRO), the native cryptocurrency of the Cronos chain. Following the announcement of the partnership with Truth Media, CRO’s price experienced a significant jump.
The cryptocurrency broke out of a tight trading range it had been in since the start of March. In less than two days, CRO’s price shot up by approximately 50%, rising from $0.0807 to $0.1200.
Related: Trump Media Expands Into Fintech With Truth.Fi, Eyes Crypto and ETFs
Data from TradingView shows that CRO then pulled back towards the $0.1031 level, which had previously acted as resistance but now appears to be support. For the past day, the price has fluctuated between this level and its new local high.
However, the altcoin’s trading volume on the daily chart indicates bullish momentum. This suggests the price could potentially rise further, depending on various factors, including how users react to social media influences like ZachXBT’s serious allegations.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
