The hostile takeover of the Steem blockchain and the resulting creation of the Hive blockchain was a significant event in the cryptocurrency world that occurred in 2020. Here's an overview of what happened:
Steem Acquisition: In February 2020, Justin Sun, the founder of TRON, acquired Steemit Inc., which owned a large stake of STEEM tokens.
Controversy: This acquisition raised concerns among the Steem community, as they feared Sun might use the acquired stake to centralize control over the supposedly decentralized platform.
Soft Fork: In response, Steem witnesses (block producers) implemented a soft fork to temporarily neutralize the voting power of the tokens owned by Steemit Inc.