Justin sun explained why major exchanges used their stored tokens to change the consensus of the Steem blockchain. According to him, this was done to protect users ‘ funds from hackers.
Earlier this week, major cryptocurrency exchanges voted with their stored Steem tokens to restructure the platform’s consensus mechanism, after which the network suspended operations. Apparently, this was a response to the soft fork initiated by the Steem team, which eliminated the influence of Steemit – The most active element of the network. Previously, the startup Steemit was acquired by The founder of the tron project Justin Sun (Justin Sun).
Major exchanges used their influence on the vote to push Steemit-related witnesses and delegates into the top twenty. Among the voting exchanges were Huobi, Binance and Poloniex. Tron and Steemit then said they would have to monitor the network for the next four to six weeks to “restore order in the community.”
Yesterday, sun highlighted the incident on the social network Twitter and said that the community-initiated softfork was “criminal.” He texted: “Steem has successfully defeated hackers, and all funds are safe. The Steem and Steemit community is now stronger than ever, as we came together and resolved the challenges.” He described his vision of the situation:
“On February 22, hackers froze 65 million Steem tokens that legally belong to Steemit, the main developer of the blockchain. When we found out about this, hackers had already hacked the network and threatened to destroy Steem. We were faced with a difficult choice. We checked with our lawyers twice and were told that this was definitely a crime by hackers who froze Steem for more than $10 million and threatened to destroy the assets. The risk of nullifying Steem put the interests of all token holders at risk.”
Sun also tried to reassure the community by confirming that Tron and Steemit plan to withdraw their votes as soon as they are satisfied that the network is safe.
“We are committed to immediately revoke votes as soon as we are sure that attackers can no longer sabotage Steem, and return the right to vote to the community. All voice exchanges will be withdrawn in the near future. Let’s say thank you to all the exchanges and network participants who helped us save Steem!”, – wrote sun.
Exchanges deny bribery
Community members suspect that Tron bribed exchanges to change the consensus of the Steem blockchain. However, Binance and Huobi denied these claims and withdrew their votes. On Monday, Binance CEO Changpeng Zhao expressed approval for the hard fork, but said that Binance had not received any monetary incentives from Tron, and that the exchange had no interest in controlling the network.
Huobi issued a similar statement, claiming that the exchange decided to participate in the vote after tron’s request. As Huobi notes, everything looked like an attack on the Steem network, so the platform decided to take part in the vote. The exchange also denies receiving money for votes from Tron.
“We have been informed that the Steem network is under threat, and this issue directly affects the assets of our users,” the statement said. “We decided that the help of Steemit and Tron is in the interests of our users and the entire network. Then we withdrew the votes, as we always support our users ‘ decisions.”
Even though Binance and Huobi have withdrawn their votes, there is currently a 13-week blocking period for Steem tokens. This means that exchanges will not be able to immediately withdraw their tokens. The Steemit team is currently working on deploying an unscheduled hard fork to reduce the blocking time to 1-3 days.