Justin Sun At VBW Explains Company’s Partnership With Steemit Inc

In February 2020, Sun gained Steemit Inc. and its founder’s reward of 20 percent of the total token supply of STEEM. Later, in response to the acquisition, the Steem community decided to initiate the fork as it could freeze the reward.

During his interaction at VBW, Sun has stated that acquisition was not the correct term to describe Tron Foundation and Steemit Inc. partnership.

Tron Did Not Acquire Steemit

He further mentioned that while both the companies were deciding to collaborate with each other they never used the word ‘acquisition’.

Sun, while talking about its partnership with Steemit explained, “Steemit Inc take a certain percentage of the tokens inside of the Steemit ecosystem, and also Steemit.com is one of the most important apps in the ecosystem [...]”.

A report suggests that in March 2020, Tron Foundation partnered with two of the major exchanges in the world, i.e, Binance and Huobi, to evict the former node operator of STEEM. But at the VBW, while denying this report, Sun claimed that it was a hostile takeover.

HIVE Freeze Funds  

He further mentioned that when both the companies i.e., Tron and the Steemit, collaborated with each other and entered the Steem ecosystem, they found out that some malicious actors froze their assets.

While blaming the HIVE at the event Sun stated that those of the companies that earlier had opposed HIVE or disagreed with it and have lost their funds in the hard fork. Sun claimed that HIVE not only freezes their funds but also of the community in Korea and China. Additionally, he stated that Tron collaborated with Steemit Inc. because both the companies wanted their funds back from HIVE and they both believe that what they are doing is the right.

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