Cryptocurrency News Today – Headlines for May 20

  • Steem to seize $5 million from its users
  • The event is scheduled to happen in the coming fork
  • Accounts that directly threaten Steem will be affected

Cryptocurrency News Today – Steemit’s Blockchain app users will lose a whopping 23.6 million STEEM (which is reportedly worth $5 million). The report adds that this will be initiated in the network’s upcoming hard fork which is scheduled for May 20. Recall that in December last year, Tron’s CEO Justin Sun acquired the Steemit platform. Later, in February 2020, the Tron chief initiated a controversial hostile takeover of the Steem Blockchain. Now, the network has announced an upgrade that will penalize users who opposed Sun’s hostile takeover.

Steem Hard Fork will See the Network Seize $5 million From Users

The Steem Blockchain is a network, while Steemit itself is a blogging app that runs on the platform. Sun acquired the app and also used a huge supply of his Steem tokens along with the help/power of crypto exchanges to force a hostile take over of the Blockchain platform. When this action was completed, Steem’s community decided to build its Blockchain to move away from Sun’s reach. The fork brought about the Hive network.

According to Steemit’s witness group called Triple-A, the May 20 scheduled hard fork will seize the accounts of users it deems as “directly threatening” the Steem Blockchain network. Account seizures are usually scheduled for users who pose a threat to the Blockchain. In such situations, the network can seize legitimate assets owned by Steem’s holders. The arrangement was included to improve the network’s stability and user environment.

Steem’s Witnesses aren’t Happy

Understandably, the bulk of the Steem community has refuted the claims of the network. They regard it as a part of a whitewashing effort by Sun and his associates. Another name on the list of users who will lose their STEEM token called TheMarkyMark (a former witness on Steem and the last individual that the community voted in before Sun’s takeover) has had his say on the development. TheMarkyMark said the names on the users on the lists are essentially users who opposed Sun’s hostile takeover.

The current Steem witnesses are unhappy that the recent Hive hard fork has excluded them from receiving free tokens. In March 2020, when the Tron chief officially acquired the Steemit network, a group of dissenters tried to force a plan to launch a new Blockchain network which will free them from Sun’s influence. The new Blockchain is known as Hive (HIVE). At press, time Hive is the number 65 largest digital asset by market capitalization. The coin is currently six places ahead of its parent network Steem.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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