The frozen accounts hold 17.6 million STEEM, worth approximately $3.2 million, and equating to almost 5% of Steem’s total supply. On April 4, the soft fork was proposed in a Steemit post that was authored by the new account “softfork2288.”
While responding to the alleged “uncertain threat that the leaders and main influencers of [Hive] represented to the Steem Blockchain,” the fork sanctioned about 20 accounts that meet three criteria:
“Accounts that ran the version 0.23 during the Hardfork on Steem and were still in the Top 20 rank, shortly before the Hardfork. The accounts that proxied or directly voted to more than ten witnesses running the version 0.23 on the Steem Blockchain during the hard fork with great influence. Accounts directly associated with operating these accounts.”
Hive Leaders Allegedly Pose Existential Threat to Steem
The author said that community support for the soft rock is required to ‘protect’ Steem; with the post aiming the former top Steem witnesses. The user insists that 50% of the witnesses were running a hostile version 0.23 of Steem; before the hard fork was executed, stating:
“If that status had been kept that way, it could have resulted in breaking the Steem Blockchain; because these witnesses would not work anymore for the Steem Blockchain directly after the Hardfork. As top consensus witnesses, the duty and task would have been to maintain the integrity of the Steem Blockchain, but it was decided to abandon the chain they promised to protect.”
Hive Fork Excludes Sun
Hive hard-forked off from Steem on March 20 after several weeks of growing tensions after Tron founder Justin Sun’s acquisition of Steemit Inc and 20% of STEEM supply in February.
The new fork might airdrop HIVE tokens at a 1:1 ration to all STEEM holders, excluding around 20% of the founders’ reward purchased by Sun.
Hive Lost 50% Within One Hour
On April 6, the HIVE’s price plunged by 50% rapidly within an hour. After it consolidated at around $0.175 for about a week with daily volume constantly hovering between $30,000 and $50,000 on Bittrex, record 24-hour volume of at least $350,000 led to a crash down to $0.087.
Currently, HIVE is trading for $0.125. The somewhat timed dump has now driven the price of HIVE below the value of STEEM; for the first time since the hard fork with the token currently trading for $0.175.