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RE: LeoThread 2024-07-04 10:13

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:

  1. Steem Acquisition: In February 2020, Justin Sun, the founder of TRON, acquired Steemit Inc., which owned a large stake of STEEM tokens.

  2. 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.

  3. 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.