Justin Sun Responds Over Steemit Hardfork: Vows to Get Crypto Funds Back

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In February this year, Justin Sun’s Tron Foundation purchased social media crypto DApp Steemit. Following that, Sun and the Steem leaders were at loggerheads over who would lead the community.Ultimately, a month later, this resulted in community members hard forking the Steemit protocol to relaunch as “Hive.”Today, Sun made a lengthy response to this fiasco in which he attacks Ethereum co-founder, Vitilik Buterin, as well as the role of the “misleading media” in reporting the story.Sun then went on to accuse the Hive witnesses of theft of millions in crypto funds, which he promises to get back on behalf of the Steem community.Source: twitter.comSun Recruits Major Crypto ExchangesIf ever there was an example of things not working out as expected in crypto, Sun’s reported takeover of Steemit is it. The entire saga has been a drawn-out and hostile affair in which some have called out Sun’s authoritarian approach.First, it began with allegations that Sun enlisted the help of major crypto exchanges to vote yes to his new leadership.Delegated Proof-of-Stake (DPoS) systems, as operated by Steem, function by way of a voting system where stakeholders can vote for delegates that will secure the network on their behalf. The voting power is proportional to the number of coins held by each user.It follows that Binance, Huobi, and Poloniex staked Steem tokens they controlled in order to vote in favor of Sun.CC @mdudas @TheBlock__ @coindesk @fintechfrank @lawmaster @DogetoshiThis is an unprecedented attack. Exchanges working together to use customer deposits (in a DPoS system) to influence the blockchain governance. pic.twitter.com/KpiuHqDq2x— jeffjagoe (@jeffjagoe) March 2, 2020Changpeng Zhao and Binance Apologise For Their InvolvementFollowing this, and the resultant outcry from the crypto community, in what can only be described as exploitation of Steem’s DPoS protocol, Binance CEO, Changpeng Zhao stated that he mistakenly authorized the move. Expanding on this, he said:STEEM thread. I was hoping not to be involved, but alas, doesn’t seem to be possible. I did approve the vote from Binance, thinking (wrongly) it was a regular upgrade/fork. For that, I apologize. Guess it is only fair that I get involved until the issue is resolved.

Via: https://www.newsbtc.com

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