The First Crypto.com Scam | They Stole Over 99% of All Tokens from Monaco Holders
In a shocking turn of events, the crypto community is reeling from the revelation that over 99% of CRO tokens were effectively stolen from Monaco holders during a forced swap, sparking outrage and disbelief.
The Backstory: How It All Began
The drama unfolded when Monaco users were compelled to exchange their tokens for CRO, a move that saw the Monaco team siphoning off an astonishing percentage of the new token supply. Initially, Monaco raised a staggering $26 million in 2017 via an ICO, promising revolutionary crypto credit cards adorned with "big rewards." However, this vision fizzled out as the project failed to deliver, leading to a pivot in 2018. The team squandered $12 million on acquiring a new domain, ultimately renaming Monaco in the hopes of redemption.
Later, in 2020, the Monaco token was discarded in favor of CRO, ushering a contentious forced swap where holders were given significantly less than they were entitled to. As per a now-defunct blog post, Monaco had a circulating supply that stood at approximately 31 million tokens, confirmed through archival resources. The swap rate was set at an astonishing 1:1.
"Had Monaco holders been given a fair distribution, they should have received 3,165.8 CRO for every token they owned," claims one source. Instead, a staggering percentage—over 99%—of CRO token supply was allocated to the Monaco team.
The Fallout: Community Repercussions
The backlash has been palpable, as a mixed sentiment emerges among the community. Many former investors are expressing disbelief at the blatant misuse of funds. Some are lamenting lost potential, with one former holder remarking, "I never had 99% of all my tokens stolen." Others argue it’s crucial to keep these events in public discourse to prevent future occurrences.
Themes from the Community:
Distrust and Disillusionment: Many users feel betrayed by the Monaco team, questioning their intentions from the start.
Demand for Accountability: There is a strong call for transparency and accountability from the developers involved.
Need for Fair Distribution: Commenters emphasize the importance of equitable distribution to recognize the contributions of early investors.
Interestingly, several voices have suggested that this could be classified as fraud under traditional market laws, stirring the debate on regulations in the chaotic crypto landscape.
Key Takeaways
△ Over 99% of CRO tokens were allocated to the Monaco team during the swap, leaving holders with a minuscule fraction.
▽ The controversy reflects wider issues in crypto ethics, as stakeholders call for better governance.
※ "If this were stocks, there would be jail time for such theft." - A vocal commenter.
As anger simmers, the urgent question remains: will the Monaco team face repercussions, or will this be yet another chapter in the tale of crypto missteps? While some investors are calling for action, the broader implications of this scandal may reshape the future of token exchanges.
For more insights on cryptocurrency scams and investor protections, visit CoinDesk.
Stay tuned as we continue to follow this developing story.