Top Steemit employee resigns following TRON acquisition; is this the beginning of the end? 🚨 This article is 5 years old...
Top Steemit employee resigns following TRON acquisition; is this the beginning of the end?
2 min read
Updated: Mar. 3, 2020 at 7:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Steem has been having a rough past few weeks, with many of its problems seeming to arise in the time following the Justin Sun-led TRON’s acquisition of Steemit in mid-February.
In the time following this controversial acquisition, the Steem blockchain has been rocked by multiple controversies, but it doesn’t seem to have impacted investor’s confidence, with the STEEM token climbing 5 percent today.
In spite of this, it does appear that the platform’s problems are beginning to snowball, as one key employee has now announced that he is resigning from his position at the project.
Justin Sun rebuts reports of “hostile takeover” of the Steem blockchain
Yesterday, CryptoSlate reported that the Steem blockchain was being subjected to a “hostile takeover” from major exchanges, who were utilizing depositors’ tokens to harness massive voting power on the Delegated Proof-of-Stake (DPoS) platform.
This governance flaw struck a severe blow to the decentralization of the platform, as it elucidated that a handful of entities could control the future direction of the platform, with STEEM investors surrendering their voting rights upon depositing these tokens in the exchanges.
Despite the widespread reporting of this news, investors haven’t seemed to be phased, with the STEEM token climbing 5 percent today amidst a market-wide selloff.
Their positivity may stem partially from news regarding STEEM successfully combatting what Justin Sun deems as a “hack” attempt that reportedly led 65 million tokens owned by the platform’s core team to be frozen.
The TRON founder spoke about the hack in a recent tweet thread, in which he notes that they took actions to “control the network” to protect investors’ interests.
“We knew it would be a complicated process since we needed to control the network for a short period of time, but we had no choice. Our sole intent was to secure Steemit’s stake & STEEM holders’ interest. Our intention was not to control the STEEM network.”
He further went on to disregard reporting about the exchanges’ “hostile takeover” as false, explaining that his intention was “never to take over the network & all parties’ votes will be withdrawn.”
Steemit executive resigns amidst “hostile takeover” controversy
It still remains unclear as to what went on behind the scenes at Steemit throughout the course of this imbroglio, but it does seem as though one key employee is resigning from his position as a direct result of this situation.
Andrew Levine, Steemit’s head of communications and advocacy, took to the platform to announce his resignation, saying:
“I have resigned as Head of Communications for Steemit. I’m going to take a little time to gather my thoughts and get some rest. Hope we can Steem On.”
Although it’s anybody’s guess as to where TRON plans to steer the platform following its recent acquisition, it is clear that there may be more controversy in store for Steemit in the weeks and months ahead.
Mentioned in this article
Posted In: Crypto
Featured Story
Advertise Here
In this article
Steem is a blockchain-based social media platform where anyone can earn rewards by posting relevant content, curating quality content by upvoting and by holding Steem based currencies in a vest fund, which generates interest..
Steemit is a blockchain-based rewards platform for publishers to monetize content and grow community.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
