Binance CEO Admonishes Justin Sun Over Steem Fiasco: ‘Transparency Works’

Binance CEO Changpeng ‘CZ’ Zhao is distancing himself from Tron founder Justin Sun over what has been described by some as a ‘hostile takeover’ of the Steem blockchain.

Sun claimed that these reports were “misleading” and that “We wanted to protect the sanctity of private property & the interests of all from malicious hackers.”

Allegations that the two founders colluded created a social media frenzy in which both Sun and Zhao were repeatedly accused of putting their own interests ahead of their users’.

Binance CEO Admonishes Justin Sun Over Steem Fiasco: ‘Transparency Works’

What happened with Binance, Justin Sun and Steem?

Justin Sun’s Tron Foundation acquired the Steemit platform in mid-February. A reversible soft-fork to prevent centralization of the Steem blockchain on February 24th was rapidly followed on March 2nd by a coordinated vote between several exchanges, including Binance, Huobi, and the Sun-affiliated Poloniex. Using tokens held by exchange users, the vote essentially transferred control of the supposedly-decentralized blockchain to a user alleged to be Justin Sun.

Although all the voting parties have since committed to reversing the votes, the furor prompted the resignations of several prominent Steemit employees, including Head of Communications Andrew Levine. Read More...