If you've been following the recent crypto.com drama you probably have heard of the first crypto.com scam, the forced convert of tokens from Monaco to CRO before abandoning Monaco their ICO token entirely. You probably don't know just how bad this scam actually was though. When crypto.com forced the swap from Monaco to CRO, they gave Monaco holders less than 1% of the supply in the new token and giving over 99% of the supply to themselves.

---

Before we go too deep, lets first refresh how this scam went down for anyone not yet familiar.

Before crypto.com was crypto.com they were, Monaco. Monaco raised $26M in 2017 through an ICO of erc-20 token promising to launch crypto credit cards with "big rewards". This went absolutely nowhere and in 2018 the Monaco team pivoted and spent $12M of their remaining funds to purchase the crypto.com domain. Renaming the Monaco token the crypto.com token, and in 2020 the team abandoned this token all together in favor of their newer token which they had more control over - CRO. Giving Monaco holders a limited amount of time to swap from Monaco to CRO. You can find a longer read on it here

Now here's where things takes a really dark turn.

Monaco had a circulating supply of: ~31.587M token

Which can be confirmed with wayback machine from 2019.

https://web.archive.org/web/20190421005509/https://etherscan.io/token/0xb63b606ac810a52cca15e44bb630fd42d8d1d83d

The Monaco to CRO swap rate was 1 to 27.64. This swap rate can be confirmed from a now deleted August 2020 crypto.com blog post pulled from wayback machine

https://web.archive.org/web/20200927064258/https://blog.crypto.com/important-announcement-mco-swap/

If we do the math: 31,587,682 * 27.6439 = 873.2M CRO was set aside for Monaco holders if everyone claimed (they didn't) - and Cro has a total supply of 100B tokens.

• .873% of CRO went to Monaco holders
• 99.127% of CRO went to Crypto.com

Or in other words crypto.com stole 99.127% of the supply of the new token from existing Monaco holders on the forced swap to CRO.

Had Monaco holders been giving a proportionate amount of CRO based off the share they owned before the forced swap: Monaco holders would have been given 3,165.8 CRO for every 1 Monaco they owned. Instead they were given.... 27.6...

crypto.com stole over 99.1% of the new CRO token from Monaco holders and gave it to themselves. They then proceeded to dump that on crypto.com credit card buyers as a way to raise even more money, offering rewards that crypto.com knew wasn't sustainable. But that's a story for a different post.

Note: CRO supply had already been partially distributed by crypto.com prior to this forced swap so depending on how many Monaco crypto.com themselves owned they may not have never been able to give a perfectly equal distribution. However considering that CDC would later "burn" and "unburn" 70B CRO (70% of supply), it's safe to say they could have done a much fairer distribution to their OG token holders compared to the less than 1% that they actually distributed. Additionally CDC could have purchased Monaco until they had a share equal to the amount of CRO they had already distributed.

Had this been stocks and not Crypto, Kris would probably have gone to jail for stealing 99% of tokens in a forced swap.

-------

Just in case you thought the newest CRO remint scam was a one off, it seems to be the policy of crypto.com to rip off their token investors, by trying to extract maximum liquidity from them before stabbing them in the back with some trick manipulates and devalues their investment.