crypto.com | Founding Monaco Investors Left in the Lurch Again
Edited By
David Liu
A group of long-time investors in crypto.com are expressing outrage after the company revoked their previously granted "lifetime" privileges without any prior notice. This shocking move has sparked anger among founding members who feel betrayed after years of loyalty.
Background on Founding Privileges
Initially, investors of Monaco, which evolved into crypto.com, were granted significant benefits. Among these were 2% cashback, 0% foreign exchange fees, a black metal obsidian card, and access to unlimited airport lounges—all touted as lifetime perks for the 500 fastest and largest contributors during the fundraising.
However, after eight years, many investors, including at least one who identified as Founding Member 647, reported that these benefits were suddenly revoked. "We lost everything. No rights anymore; we are just simple customers," the disgruntled investor noted in a communication to company support, later discovering this was a shift in business direction, not a technical mishap.
Investors' Sentiments and Reactions
The abrupt withdrawal of perks has led to a wave of negative sentiment among former investors. In addition to feelings of betrayal, many pointed to a troubling history within the company—one investor remarked that crypto.com stole over 99% of tokens from Monaco holders in a previous incident.
"This sets a dangerous precedent for crypto projects. You are just a token holder, not a valued customer,” stated one observer, highlighting the worry among investors about further risks.
Interestingly, sentiments were not uniform. Some investors remarked how they felt uneasy from the start, with one stating, "I just never felt comfortable with them I'm glad I liquidated and moved on."
Key Takeaways
📉 Investor Trust Erodes: The swift change of privileges has led to distrust, as many feel like they were not honored as long-term supporters.
🚫 No Official Communication: The company provided no advance warning or comprehensive explanation, which many see as poor management.
🔍 Revisiting Past Mistakes: Investors recall previous issues with crypto.com, making them wary of future developments.
This developing story raises critical questions about accountability in the cryptocurrency space. As these investors reassess their positions, the fallout from this situation could extend beyond just feelings of betrayal, potentially influencing how new and existing investors approach the crypto market moving forward.
Shifting Winds in Crypto Investor Confidence
There's a strong chance the fallout from this incident will prompt investors to seek more reliable options in the crypto market. As many former Monaco investors reevaluate their positions, it's likely that companies prioritizing transparency and communication will gain popularity. Experts estimate that about 60% of crypto investors may consider withdrawing funds from platforms that fail to uphold promised perks. This shift could lead to a wave of new regulations as businesses strive to regain trust and adhere to stricter standards in a landscape already rife with uncertainty.
A Cautionary Tale from the Music Industry
A unique parallel can be drawn to the early days of the music streaming industry in the 2000s, where fans felt neglected after subscribing to platforms that suddenly changed the terms without notice. Similar to upset crypto investors, many music fans found themselves disillusioned as services rolled back key features from plans they initially deemed appealing—turning devoted supporters into wary consumers. This experience reshaped how the music industry engages with patrons, ultimately leading to improved artist-fan relations, which could be a path worth watching for crypto firms moving forward.