Bittrex exchange transferred 14.5m STEEM to Steemit, then Steemit transferred 21.5m STEEM to Binance exchange.

in #steemlast month (edited)

화면 캡처 2022-05-20 092523.png

Around 04:18 UTC, 18th May, Bittrex exchange transferred 14.5m STEEM to Steemit.

After Justin Sun took over Steemit in 2020, 24m STEEM was hacked during the STEEM hard fork related to HIVE. And, that STEEM was transferred to the Bittrex exchange.

Bittrex Is Puzzled Over 24M Stolen STEEM Tokens on Its Holding Account

That frozen STEEM is related to the STEEM blockchain attackers who left violent comments and posts. The hacker stole the recovery account and changed the keys. Then, the guy transferred it to the Bittrex exchange. The exchange is based in the USA and has held it for 2 years.

Based on those backgrounds, I'm still wondering.

  1. Since Bittrex exchange has no issue about transferring that STEEM with respect to American law, so, did they transfer to Steemit?

  2. If so, why did they transfer only 60% of 24m STEEM?

  3. If not, Steemit bought 14.5m STEEM in Bittrex exchange, then are they planning to do MM(Market Maker) in Binance exchange?

  4. We all know Steemit received 14.5m STEEM. But, why did Steemit transfer 21.5m STEEM which is more than 14.5m STEEM?


Most of the STEEM ownership was not disputed. Steemit was the only claimant, so a judge released it to them. That amount was 14 or 15 million STEEM. For the rest (still being litigated), bittrex submitted an interpleader deposit, so I presume that bittrex is now free to sell the rest of the STEEM or hold it, as they choose.

Oh.. what's hapenning?

I'm not a lawyer, but this is the way I understand it.

A bunch of the people who had their wallets dumped into the community321 account during HF23 are suing Steemit. It started back in 2020 with a suit against Bittrex and anonymous others, but Steemit claimed the STEEM and got added to the suit later.

A month or two ago, it was determined that 14.5 million STEEM had only Steemit as a claimant, so that was released. I think that's what moved from Bittrex to Steemit and then on to Binance the other day.

The remaining 8 or 9 million Steem were claimed by both Steemit and the Hive people. Bittrex made an "interpleader deposit" in order to get themselves out of the middle of the dispute. I gather that this means they put an equivalent amount of USD into a bank account. So - if I understand correctly - Bittrex basically owns that 8 or 9 million Steem now.

On the legal front, Bittrex has been removed and the law suit is proceeding against Steemit now. Steemit has a response due on May 27, but at this point I think they're arguing over dollars, not STEEM.

Thank you for your kind explanation. I fully understand this situation! @rmlaps

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