CRO token fell in price by 27% amid staking rewards are slashed

On average, rewards for users will be reduced by 69,5%

03.05.2022 - 10:05

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What’s new? The price of the CRO token from the crypto exchange Crypto.com dropped by 27% in less than 24 hours (the local low on May 2 was $0,2667, according to Crypto.com). This followed the announcement of significant reductions to CRO staking rewards for its VISA prepaid cardholders.

News on the platform’s blog

How did the stake change? On May 1, the exchange blog posted news that card rewards will be reduced by an average of 69,5% and on tier Midnight Blue cards by 100%. For tier Obsidian cardholders, where users need to stake $400 000 in CRO tokens, rewards will drop from 8% to 5%. The decision was taken to ensure the long-term sustainability of the project.

The exchange’s customers have reacted negatively to this decision. One of the CRO holders with the nickname Devchart posted a tweet in which he called Crypto.com’s idea “the dumbest move of the day.”

Source: Twitter.com

What events happened before? In March 2022, the exchange also faced criticism from the community. This came after the platform updated its list of countries with a limited credit program. It included 38 countries, among them the United States and the United Kingdom. Under the new rules, if users do not repay their debts within a week, their collateral will be sold and their credit positions will be closed by the exchange.

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