Cryptocurrency News Today – Headlines for May 21

  • Mystery account saves $6 million worth of STEEM from fork seizure
  • The latest Steem hard fork has two primary aims
  • The hard fork is called New Steem 0.23

Cryptocurrency News today – the long-running drama between the Steem network and Justin Sun took another turn today after the network experienced a hard fork today. This fork is designed to tackle the issue of “malicious accounts constantly attacking the network.” It is important to indicate that the latest hard fork doesn’t appear to be successful entirely.

The hard fork is code-named “New Steem” 0.23 and it has two primary objectives. The first aim of the fork was to reduce the network’s power down period to four weeks from thirteen weeks. The second goal was to seize the sum of 23.6 million STEEM tokens from user accounts and stakeholders who are associated with the network’s rebel and fork to Hive.

The Goal to Seize Funds Failed After a User Account Saved $6 Million Worth of STEEM

The second goal failed because the supposed seized funds have been ‘rescued’ by an anonymous user account via major digital currency exchange Bittrex, according to Andrew Hamilton, a Steem Stakeholder and the CEO of JPB Liberty. In a fresh attempt to “protect the user property rights of the Steem community, Justin Sun’s-led Steem planned to seize several user accounts that allegedly pose a threat to the Blockchain network.

The latest hard fork was designed to transfer user funds from 64 Steem accounts to a Steem account called “community321.” Per the report it is understood that Bittrex knew about the plan, and specified the details below via a blog post:

“The latest hard fork is regarded as a contentious instrument because it transfers funds from more than 64 user accounts to another STEEM account called “community321.”

Just after the affected funds were moved to the community321 account, the STEEM tokens which were worth a whopping $5.7 million were transferred to Bittrex.

Community321 Intentions and Ownership are Unknown 

According to data issued by the Steem’s Blockchain explorer, user account community321 explicitly requested that Bittrex returns’ the “stolen funds” to the original users. Whether the community321 is related to the Hive Blockchain or not remains to be seen. At press time, Steem’s block explorer indicates that the intentions and ownership of community321 haven’t. Hamilton said the community321 user account was assumed to be under the control of the individual behind the latest fork. There could many scenarios that can result in such action:

“It will appear that Justin Sun has failed to maintain any basic key security related to this account. It is possible he got someone to create the account for him and that individual kept a copy of the account’s keys.

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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