Binance Reverses Vote in Apparent Steem Takeover, Steemit Comms Head Resigns

On March 3, Binance CEO Changpeng Zhao announced that the exchange had removed its votes that contributed to a sudden shift of control over the Steem blockchain.

Earlier today, leading exchanges Binance, Huobi, and Poloniex came under fire for allegedly mobilizing customer deposits to vote in what has been described as a hostile takeover of popular crypto blogging platform Steemit.

Steemit’s native blockchain Steem uses a proof-of-stake protocol — where a small number of “witnesses” are voted on to secure its network. Votes are allocated according to the number of tokens that an individual holds in their wallet. Steem’s witnesses were ousted in favor of a single user, @dev365 — an account allegedly owned by Justin Sun, the founder of Tron. 

Zhao claimed that he had been made aware of a forthcoming “upgrade/hardfork" which he had approved support for, adding: “Projects do this all the time, and we are usually just in a supportive position.”

Full Article and Source here...
https://cointelegraph.com/news/binance-reverses-vote-in-apparent-steem-takeover-steemit-comms-head-resigns

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