Monday, April 12, 2021

Vitalik Buterin Hints at the Part Big Exchanges Played in Recent Takeover of Steem Blockchain

The co-founder of Ethereum, Vitalik Buterin has recently hinted at the part played by big exchanges in the recent takeover of Steemit by the CEO of Tron, Justin Sun.

Going by what Vitalik recently insinuated, the takeover of Steem blockchain was orchestrated.  The young co-founder of Ethereum recently wrote this, “Apparently Steem DPOS got taken over by big exchanges voting with depositors’ funds.”

His observation came about, in response to a tweet shared by Luke Stokes, the co-founder of Foxy.io.

He shared a video and wrote, “Your stake in Steem on centralized exchanges was just used to take over the Steem Blockchain.”

Vitalik Buterin furthered by soliciting confirmation or details of the allegation from the crypto community members, which was greeted with tons of reactions and responses, especially from those who may be concerned.

He wrote, “Can anyone confirm and/or provide details? Seems like the first big instance of a “de facto bribe attack” on coin voting (the bribe being exchs giving hodlers convenience and taking their votes)

Notable Responses from Supposed Witnesses

A user identified on Twitter as FollowThatBitcoin responded as a witness by directly alleging the CEO of Tron Justin Sun of bribing Binance to use customers’ funds for the hostile takeover of Steem blockchain.

He wrote, “I am/was top 20 consensus witness on Steem, until Justin Sun bribed Binance to use customer funds for hostile takeover.

Yes, this happened and then Steemit inc sent funds to exchange for payment for doing this.”

Vitalik singled out FollowThatBitcoin’s tweet and wrote, “A single tweet is just a rumor….. but if *this* is true then we have a bribe attack on top of a bribe attack.”

Another supposed witness identified on Twitter as TheycallmeDan, who seems to know more about the alleged perpetration shared as follows:

“Exchanges used USERS funds to vote in witnesses to try a hostile takeover. They poweredup the users funds, without consent and now they are trying to add a quicker powerdown so they can get funds back to their users. I removed all my STEEM from binance and the rest of exchanges.”

A host of witnesses that seems to know more about this allegation responded with more information. But all the responses cannot be included in this report. However, this is an allegation and still unconfirmed.

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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2 COMMENTS

  1. This has to be illegal as this is abusing the trust of investors in the exchanges. This stake is not the exchanges to use in the first place plus being paid a bribe for abusing investors coins is wrong. Surely something needs to happen as this cannot continue like this. Removing my accounts from Binance as this is just wrong.

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