Justin Sun Faces Heavy Accusations amid Steem Takeover
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Justin Sun Faces Heavy Accusations amid Steem Takeover

By Abhimanyu Krishnan | News | 14 Apr 2020


TRON founder Justin Sun and the TRON Foundation continue to face allegations in the weeks following the TRON Foundation’s takeover of the STEEM network. Dan Hensley, one of the STEEM network’s largest stakeholders, offered a detailed account of the takeover in a lengthy blog post published on April 8 on Hackernoon.

Hensley describes the lead up to STEEM executing its 23rd hard fork, which led to the creation of a separate chain called Hive, referring to TRON’s takeover as a SYBIL attack that roped in unsuspecting exchanges like Binance and Huobi. (Hive Witness Luke Stokes has summarized the incident in bite-size bullet points.) 

The gist of the initial accusation was that “TRON exploited custodial user funds on exchanges to vote in 20 of their own top 20 witnesses”, which led to a larger part of the community engaging in a voting war to resist TRON. It is at this point that Hensley begins to speak of TRON offering users money to run witness nodes for him,

Justin was losing the voting war halfway through and started offering people $2,500 each month to run a witness node for him on Steem; this is called a bribe attack. Justin also was in discord servers promising anything the users wanted to hear in exchange for votes, even things technically impossible on Steem.

Hensley also spends a good portion of his time commending the robustness of the Delegated Proof-of-Stake (DPoS) protocol that STEEM operates on, arguing that “DPOS is underestimated because we have never seen a true overtake threat that was met with resistance” and cheering the security that results from the existence of a social element in the protocol.

TRON and Justin Sun Endure Relentless Criticism

TRON and its founder Sun have received much flak for their takeover of the Steem network, which occurred in early February. At the time of the takeover, which was executed on February 14 2020, Steem users had already exhibited anxiety and voiced their concerns about the development.

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The community responded with immediate fury. Source.

The TRON Foundation, which is headed by Sun, also offered a response to the accusations: on March 7 2020, the foundation published a blog post that was blunt in tone, calling the community’s bid to freeze network assets linked to witnesses associated with TRON. It called for an end to the freezing of assets and promised the return of nodes, “As long as the assets of all the exchanges and people related to this matter are safe, we’ll agree to give back the witnesses & nodes to the community.”


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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