The exchanges used by Justin Sun to attack Steem: Boycott!

in #steem2 years ago (edited)

Binance's, Huobi's, and Justin Sun's own Poloniex exchange accounts were used to attack Steem last Monday morning, March 2nd. They willfully powered up customer funds and proxied their witness voting to Justin Sun's @dev365 account. @dev365 then voted in bogus attack witnesses created by Justin Sun into the top 20, which centralized control of the blockchain.

If you don't know by now, a centralized blockchain is so pointless it might as well be an oxymoron. Attacking the network's consensus like this is extremely serious and was exactly the thing that the 0.22.2 soft fork implemented by the community's witnesses was trying to prevent. The formerly-Steemit Inc accounts @steemit, @steem, and @misterdelegation proxied to @dev365 and suddenly over 100,000,000 STEEM were voting for the attack witnesses. All voting with STEEM bought for pennies on the dollar from Ned Scott, or with users' STEEM that was on these exchanges. Not community consensus by any stretch of the imagination. Not decentralization. Binance CEO Changpeng "CZ" Zhao removed his exchange's proxy after some time which made it possible, with much effort, to return some of the community witnesses to the top 20. But not all of the attacker witnesses are out yet.

None of this would have been possible if not for Justin Sun conning Binance and Huobi into colluding with him to attack Steem. Of course with Poloniex he didn't have to ask under false pretenses. What these exchanges did, including Poloniex, was 100% wrong. They know better. Huobi continuing to help Justin try to hold the blockchain hostage with their customer's funds is unbelievably irresponsible. Poloniex has no business doing this either, but being owned by Justin I suppose it's hard to say no.

Boycott!

Both of these exchanges, and possibly Binance as well, should be boycotted if this is how they act as custodians of their customer's funds. If you have tokens at any of these three exchanges, I encourage you to withdraw them. Tell your friends to withdraw too. If you use these exchanges to trade STEEM, SBD, or any other currency, I urge you to find a replacement for them.

Update: Huobi has since expressed some regret about their actions to help Justin centralize Steem, and has announced their planned support of the community fork.

Sort:  

And by the way, I think, we also need to reach out to people to ask them to revisit their Witness voting to push the ones that are near ( Just under the ladder) to top 20 for the time being. I did a post, but it did not get much attention. People can revisit their choice at a later point of time, but at the time being, getting the legit ones to top 20 should be top priority.

i didn't know that you started to write again!!! :D

I was not knowing that Poloniex is owned by Justin, thanks for the information. Though I created it long back, never used it. I use Bittrex for my steem transactions, however, I also use WazirX (which is now owned by Binance) and already have good amount there now in USDT. Just waiting for some time to buy BTC and then transfer to Bittrex , then convert to steem and transfer to steem wallet.

I saw a post from Binance CEO apologizing and expect, they won't be able to do anything with USDT at the minimum.

^^^^^^^ Boycotting Polo before it was kewl.

It's going to get interesting if lots of people try to withdraw their Steem and the exchanges cannot power down fast enough to meet demand. It looks like Justin promised them he would change this, but currently he cannot.

I don't generally hold any crypto on exchanges. We need to take responsibility for our assets.

SF22.5 is invalid. SF 22.2 is the latest legitimate governance action.
Steemit stake belongs to steem community as public property.

Justin Sun is a false god!

I pulled everything i had on binance last week. Won't be going back anytime soon

Yikes, I had no idea any of this was happening. Have we been able to get real witnesses back into the top 20? Are we still in danger here? This is pretty freaky man. Can justin not still just create thousands of accounts with purchased steem and vote the attack witnesses back in?

You can see the current Steem witness list at https://steemd.com/witnesses and https://steemian.info/witnesses

Thankfully Steem voting is stake based to prevent just that sort of one-user-one-vote sybil attack. He's currently appealing (begging) different communities to get more votes for his sockpuppet attack witnesses. And as this post explains he was able to get exchanges to power up their customer's funds and proxy to his voting account, even though those exchanges should know better and perform due diligence before doing something like that.

So he still has 11 witnesses in the top 20 as of right now. I can't believe that Huobi and Binance would do that, it seems SUPER unethical to me. I stopped using Poloniex like three years ago just because it was trash but I guess it's no surprise there. Glad at least Binance did the right thing. What's going to happen now?

The Time is now for a USER Revolution. We are use it we are say what is now.

@pfunk, Yes, when your first duty is to protect Customer Funds in your dreams too you cannot use those funds without Customer Consent to use it for influence a Decentralised Governance.

Definitely these kind of Exchanges deserve to be Boycotted because they lost Trust and in straight words they betrayed people. Stay blessed.

Posted using Partiko Android

Congratulations @pfunk! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got more than 8000 replies. Your next target is to reach 8250 replies.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

Downvote challenge - Add up to 3 funny badges to your board
Use your witness votes and get the Community Badge
Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Blocktrades is not a market exchange like these others. It doesn't hold customer funds to be put on the order books. It facilitates the changing of one currency to another. Visit https://blocktrades.us/ and you can see this.

Given this, I can't imagine any of the funds on @blocktrades don't belong to its owner.