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.

Prominent crypto investigator ZachXBT has made serious fraud allegations against the Cronos team, claiming they secretly reissued 70 billion tokens that were previously burned.

According to ZachXBT, this action, which went against the community’s wishes and allowed the team to gain control over the majority of the token supply, resulted in a 50% increase in the price of CRO, the token for the Cronos blockchain, over 48 hours.

"Their 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," said ZachXBT on X, formerly Twitter.

Why Do ZachXBT’s Accusations Carry Weight Now?

ZachXBT’s allegations are particularly noteworthy due to their timing and the heightened awareness of the CRO token following 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.

CRO was specifically mentioned as one of the digital assets that Truth Media and Crypto.com aim to include in their ETF plans, pending regulatory approval. This news quickly drew attention from the crypto community, with supporters and critics of CRO sharing their opinions.

Beyond his fraud allegations against the Cronos team, ZachXBT also expressed surprise at Truth Media’s decision to partner with Crypto.com’s exchange for this venture.

"Why would they not partner with Coinbase, Kraken, Gemini, or any other exchange that has applied for and received approval to launch an ETF in the U.S. But no, they went with Crypto.com, an exchange that has never applied for any kind of ETF product and is owned by the same parent company as the Cronos chain (CRO) that they are launching an ETF with. It boggles the mind," he added.

How Did CRO’s Price React to the Trump Partnership?

It’s worth noting 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.

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.