Caught Up in Steem Squabble, Bittrex to Return Tokens Diverted in Hard Fork

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A CFTC Commissioner Speaks
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Caught Up in Steem Squabble, Bittrex to Return Tokens Diverted in Hard Fork
Bittrex says it will return all confiscated steem tokens that got "rescued" soon after yesterday's hard fork.
By Paddy Baker
AccessTimeIconMay 21, 2020 at 7:50 p.m.
Updated Sep 14, 2021 at 2:14 p.m.
Turkeys squabbling
Credit: Shutterstock/Jeff Engel

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Bittrex really didn't want to get involved in the war that's currently raging within the Steem community.
Richie Lai, co-founder of the U.S.-based crypto exchange, posted an announcement late on Wednesday saying his firm would return – reluctantly, it seems – million of dollars worth of disputed cryptocurrency back to a Steem wallet no one knows who controls.
After the 23.6 million steem tokens were confiscated from community dissenters in a tit-for-tat Steem hard fork Wednesday, they were quickly diverted to Bittrex by an unknown individual (or individuals) in the hope they would be returned to their original 64 owners – currently all persona non grata at the blockchain project.

The controversial hoard is worth a little over $5 million at press time and was worth approximately $6.3 million at the time of the fork.
"We wish the entire Steem community could have addressed legitimate concerns in a manner which was viewed as fair by everyone," said Lai. "The fact is, we only interpret the data on the blockchain, and in this case the consensus of the blockchain, regardless of how it was reached, agreed that the funds from those 64 accounts be moved to the 'community321' account."
"We believe in the sanctity of blockchain, and as an industry we need to adhere to the consensus rules of the blockchain without interjecting whatever our personal opinions might be," he continued. "If we want blockchain to succeed, we must live by the rules of the blockchain."