TRON Seizes $5 Million STEEM After The Blockchain Hard Fork

TRON seizes $5 million STEEM from the Steemit platform from the dissident users after the hard fork this Wednesday. In our TRON latest news, we take a closer look at what kind of effect will this have on the altcoin.

Steemit is planning to seize the 233.6 million STEEM from the users and the decision came after the long dispute between the TRON CEO Justin Sun and the Hive supporters. Most users will not be affected after all. Steeem, the popular blockchain, and social blogging platform will undergo a hard fork to shut down all accounts that object to the TRON leadership and so TRON seizes about  $5 million tokens in the process.

The hard fork will censor several blockchain accounts that will be sympathetic to Hive- a blockchain that most of the users moved to after Tron’s CEO Justin Sun purchased the Steemit Inc company back in February. Steemit however, argues that Hive is a hostile fork that most of the users are having trouble with. It claims that most of the users are sending spam transactions and post-recycled content in order to disrupt the rewards system and attacking the users as well.

To stop the malicious activities, Steem witnesses controlled by TRON to seize some user accounts that participated in criminal activities by contributing to threats against the blockchain. The GitHub code of the project suggests that 64 accounts will be affected while the network data site estimated that the hard fork will seize 23.6 million STEEM from the users. Justin Sun decided to seize the tokens from the Hive supports after the troubled retaliations that started in February.

Steem claims that the Hive blockchain took $16.6 million worth of HIVE tokens away from the supporters and deposited the funds into its own DAO account. However, the Hive blockchain ledger shows that these transactions did occur eventually. Hive defenders see this differently and argued that those users were not entitled to the tokens which were given away for free during the airdrop.

The same amount of control from both of the parties is concerning but this doesn’t appear that the decisions will affect most users. The two blockchains together have more than 30,000 and the majority will be affected by the changes.