Justin Sun, the founder of TRON network and CEO of BitTorrent, has allegedly acquired a blockchain-based blogging and social media website Steemit in a somewhat hostile takeover according to sources. Reportedly, the platform owns a huge amount of STEEM cryptocurrency.
Notably, STEEM community leaders initiated a soft fork meant to limit the power of Justin Sun on the decentralized blockchain network, in response. Reportedly on 2nd March, major crypto exchanges have used the voting power of their held tokens to restructure the platform’s consensus algorithm.
Reportedly, major exchanges that were believed to be helping Sun in the voting were Binance, Huobi and Poloniex. However, Changpeng Zhao, the CEO of Binance, later tweeted he’d reverse the vote with user funds after pressure from customers.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.