Tron Executes Hostile Takeover of Steem, Exchanges Collude  

Gan Woon

Business 4 years ago
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Justin Sun and several major exchanges executed what seems to be a hostile takeover of the Steem blockchain, say sources.

After Tron acquired Steemit Inc two weeks ago, it seems that its CEO Justin Sun is using the company to consolidate power over the supposedly decentralized blockchain.

Today, the majority of Steem’s witnesses, the decision-makers for the blockchain’s governance, were ousted by what appear to be accounts connected to Tron.

Major exchanges including Binance, Huobi, and Poloniex participated in the takeover, staking (“powering up”) Steem held in their custody and delegating those votes to what appears to be an account controlled by Justin Sun, based on block explorer data.
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  • Justin Sun
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