CZ Offers Support To Additional Steem Counter Hard Fork

CZ offers, binance, steem, zhao

CZ offers support to additional Steem hard fork as Binance supports the first one to freeze $6 million in user funds. In our Binance news today, we take a closer look at what the CEO of the exchange has in mind.

Changpeng Zhao or CZ offers a new deal with the Steem users in his latest statement issued recently. He issued a statement regarding the Steem hard fork that is supposed to freeze 23 million STEEM tokens associated with about 60 addresses. Binance will support the fork but they will also support future forks that will be executed by those affected within the Steem community. The latest fork was intended to protect against illicit activities in the Steem network but the critics have accused the project of looking to punish its proponents of the Hive hard fork.


Binance was criticized in the first place for talking trash about Sun but he withdrew the support later for the fork saying that Sun and Steem misled him as to the nature of the update. In a statement posted recently, CZ commented about his conflicted feelings on the fork:

 “We are very much against zeroing other people’s assets on the blockchain. This goes against the very ethos of blockchain and decentralization. The fact that this can happen on a blockchain means it is overly centralized.”

Despite making clear that Binance doesn’t want to support this upgrade, CZ said that there is another side to the story:

 “If we don’t support it (technically), no users can withdraw any STEEM coins. The wallet stopped syncing at a certain height, and there are no other forks.We do not want to block people’s funds. In this case, we should allow users to withdraw their funds, whether we willingly support this hard fork or not.”

CZ was sympathetic with those that were targeted by the recent Steem fork but he concluded that the wider Steem will benefit from Binance support the latest upgrade. Binance recommended that those whose funds were caught up will create another fork of Steem noting that Binance will likely support that. Andreas Antonopoulos predicted that Steem’s decision o freeze $6 million in user funds will result in a class-action lawsuit, saying that the exchanges that participate in this will also be the name defendants.

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