Steemit Hacked for ‘$85,000’ as Users Complain of Weak Security

Steemit announced on their website that they were hacked. The attack, according to them, has compromised about 260 accounts. A little less than US$ 85,000 worth of Steem Dollars and Steem are reported to have been taken by the attackers. In the security announcement CEO of Steemit Ned Scott said: “User accounts and wallets are not at risk, and we hope to soon reactivate the Steemit website to normal order. Any users whose accounts were compromised will be completely reimbursed.” Law enforcement informed. At the moment it appears that the virtual currency itself has not been compromised but....

The exponential rate at which Steem grows may put on fast track a solution to the scaling issue that the Bitcoin community faces. Steem is a digital currency behind Steemit, a decentralized social media platform which rewards posters and voters online. Scaling Bitcoin has become a hot button issue in the community. This is the process to increase block size from its current form in which the network can only support up to seven transactions per second to process more like Paypal achieves with about 100 transactions per second, and as Visa does with about 4,000 per second. In the wake of....

Steemit, the blockchain-based social media platform that was targeted in a cyberattack saw malicious hackers hack user accounts and their balances. Since then, a recovery process has seen compromised accounts with balances over $100 USD, restored and refunded to the affected users. Blockchain-powered Steemit saw some 250 user accounts compromised along with $85,000 in Steem dollars and the token cryptocurrency Steem, stolen, in a cyberattack yesterday. A recent update from Steemit CEO Ned Scott reveals that the Steemit team has since been able to secure compromised accounts containing....

Steemit, the blockchain based social media platform has reported a hacking incident which might have compromised few user accounts, resulting in the theft of $85000 worth of Steem cryptocurrency. Blockchain-based social media service Steemit today reported that its platform has faced a security breach. The cyber attack, according to CEO Ned Scott, affected over 260 user accounts. As he confirmed further, the platform have also incurred a small loss – worth around $85,000 – in the form of their native cryptocurrencies Steem Dollars and Steem. While the origin (of the attack) and....

Social media site Steemit has announced sweeping “economic changes” following a 90%+ drop in value of its currency token, STEEM. Steemit: Changes ‘Reflect Wishes of Wider Community’. The alterations, published in a blog post on Friday, have already drawn criticism from the cryptocurrency community, which has been suspicious of Steemit since its rocky....