Thursday, May 6, 2021

CZ Binance Admits He Got Accidentally Involved In Steem Fiasco and Suggests Way Forward

A couple of hours ago, the Binance CEO CZ (Changpeng Zhao) was alleged of colluding with the CEO of Tron Justin Sun to orchestrate the takeover of Steem blockchain.

This allegation has got several crypto community members talking, while those who are directly affected by the scenario publicly displayed their discontentment.

In his recent response to the tweet shared by Dan Hedl, CZ described his involvement in the incident as accidental. However, the majority of the responses to the tweet is contrary to his assertion.

He wrote, “Pomp ETH, Vitalik Justin, Dan pitches in. got accidentally involved in STEEM fiasco. Competitors working hard on FUD. Fake news journalists getting paid. Decentralized utopia! Still beats fiat, thanks to the hard-working people, including all names mentioned above.”

CZ Binance Admits He Got Accidentally Involved In Steem Fiasco and Suggests Way Forward
Courtesy of Twitter

CZ Binance Suggests the Way Forward

In another tweet, CZ clarified his position on the issue and suggested a way forward. He said there is a possibility of removing the vote, depending on the feedback of the users.

Howbeit, he asserted that this will require coordination from different geographic locations, which he said may take a little time.

“Re: Steem, read my “tweets and comments” about our position and thoughts on the issue. We will likely remove the vote, based on your feedback. The op requires people in several different geographic locations to coordinate, may take a little time.”

Recap of the Allegation Leveled against Justin Sun and Others

Some cryptocurrency exchanges were accused of using the voting power of their tokens to command the restructuring of Steemit Platform’s consensus algorithm.

The network reportedly went down, which was generally attributed to Justin Sun’s acquisition of Steemit at the ending of February and the attempt of the community to limit his influence.

The acquisition of Steemit by Justin Sun gave him control over a large share of Steem’s consensus voting weight.

Sun’s added advantage is the fact that Steemit is the most active element on the Steem network and the platform’s delegated proof-of-stake (DPoS) architecture.

In order to restrain Sun from initiating the unthinkable, a soft fork was conducted by Steem team last week to remove Steemit’s influence.

According to the allegation, lots of centralized exchanges used their personal voting power to promote Steemit-affiliated witnesses to the top 20 positions.

So, if this allegation is true, it means Justin Sun has gained centralized control over Steem blockchain. He’s also been accused of bribing the exchanges to get what he wants.

A supposed Steem Community member, Justine pointed an accusing finger at Justin Sun, Binance and Huobi. She was particularly shocked at the possible involvement of CZ in the incident.

She wrote, “Waking up to find that Justin Sun has taken over the Steem Blockchain in a hostile manner. By using 84M steem from Binance and huobi as well as his own exchange to vote in their own BPs and fork the chain. CZ Binance you support this? Tron DeCEnTraLIzinG da Web.”

Meanwhile, the Co-founder of Ethereum, Vitalik Buterin had reacted to this allegation leveled against the big guns in the cryptocurrency community, soliciting confirmation or details from those concerned.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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