The above procedure means that if each player in a two-player game has resolved Crafty Cutpurse’s triggered ability and one would create a token, it really will enter the battlefield under that player’s control. The token would enter the battlefield under player A’s control, so player B’s effect affects it. Now that token would enter the battlefield under player B’s control, so player A’s effect affects it. Each replacement effect has now been used, so the token will enter the battlefield under player A’s control.