Bittrex Returns Stolen Funds - Web3 Wins!
There was a time, what seems a long ago (3 years), crypto assets were stolen from blockchain wallets in a bright daylight by an evil entity. We all know the story. The story of heroic actions of Robin Hood of Hive on May 20th, 2020. While ambitions were to stealing massive amounts of funds and get away with it, the thief wasn't smart enough to understand the basics of blockchain and private keys.
When the theft occurred and crypto assets from 60+ wallets were transferred to a temporary holding account - comunity321, it took the hero of Hive only couple minutes to correct this crime. Robin Hood of Hive was able to gain access to this account and transfer all the stolen funds to Bittrex with a simple message - "These are funds stolen by the Steem witnesses using HF23 May 20th 2020 - please return them to their original owners prior to the fork :)"
Those were the days when multiple crypto exchanges tainted their reputation by colluding in action to undermine decentralized systems. The same people and entities who advertise themselves as leaders and pioneers in decentralization and web3, have shown their true selves as those who engage in deception to gain wealth. This was also the time for Bittrex to shine. Bittrex, as one of the leading crypto exchanges and leaders in crypto space had a great opportunity to demonstrate courage and values in support of decentralization and blockchain integrity.
Many in crypto space were paying close attention to the events unfolding, and many hoped Bittrex would be true to what it claims to be, an advocate for crypto innovation, decentralization, web3, and property rights. Even from business perspective this could have been a good PR move for Bittrex, if they only followed the simple instructions given in a form of wallet memo. However, Bittrex acted confused with the situation, and decided not to return the funds to the original owners.
If Bittrex did the right thing and returned the funds to original owners, and prevented this theft from happening, it could have become one of the most (if not the most) respected crypto exchanges today. Instead, they chose to let thieves to get away with a crime. They chose centralized entities again decentralized community. They chose to defend undermining blockchain integrity. As a result the case was brought into courtroom to be decided by the legal system.
It is so awesome to find out today, that Bittrex has distributed funds consisting of 8,752,313.006 Steem and 294.207 SBD to some of the original owners.
It took 3 years, but finally justice prevailed. While not all funds were returned to all original owners, it is still great to see that some of the owners were able to get their funds back. Congratulations! Today is a day that Web3 wins. Today is a day decentralization remains strong.
Today is the day, we finally can say Robin Hood of Hive story concludes with happy ending. Thank you Community123! Hive will remember your heroic actions forever, and this story will be retold many time, and maybe even be integrated into the books and movies.
Stealing Is Bad!
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Aha this is good, i am sure those will get there fund's return after a 3 long year they will be happy to see this. Thanks for sharing. 🙏❤️🎉
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Wait what! I totally missed that!
And the funniest of all I was here then 😂
It's actually ironic how they keep trying to steal massive amounts of crypto and it eventually falling back into the hands who owned them. I've not been updating myself on the FTX situation but that would probably soon be the case for that aswell
Very fair gesture. Maybe this will be shot into a movie or into books like you say. Btw. have you read the Infinite machine, book about eth? I haven't got it yet but it is on my shortlist.
I'm wondering why the amount is a little different. The original transferred amount differs from what they are giving back.
I think because not all original owners participated in the lawsuit. Big chunk of the total funds belonged to freedom, who wasn’t in the lawsuit. If I am not mistaken those funds were given to Steemit about a year ago, because nobody else claimed ownership. Sadly, they still got away with partial theft, and bittrex now can be considered their accomplice.
Yeah looks like JS still got a lot of Steem.
Not everyone has been included in the lawsuit, so a while ago Bittrex released a big chunk of STEEM to Justin Sun. What was contested remained in their control until now. So while 8.7M has been returned, Justin Sun still got around 15M Steem from the theft.
Such an amazing read! I know it's painful to read stories about Steem on Hive, but this one proves we are bigger than that.
Finally, justice has prevailed!
Pity about freedom's funds, but the lawsuit wasn't a class action so could only act on behalf of participants who disclosed their identity to the Court.
This is (partly) why my #cryptoclassaction is being pursued as a class action, so the anonymity of victims can be preserved.
I could never put the law system and justice into one paragraph.
I approve this message!
Many thanks to hive's robinhood, his contribution is truly amazing. Glad to know Bittrex has refunded some owners
I am happy with the result, it is also important for strength and acknowledgement of Web3!
This is great news and I am glad that the defendants got back some of their funds. Stealing is never good and I am glad that the legal system agrees with that.
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Great news for all. It's unfortunate that Bittrex acted in a way that only benefited the centralised community.
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Sad that not everyone was included in the law suit as Marky states. 15M is a big chunk of illegal funds.
We are happy that at least some of the funds were returned to their owners.
Shame on me that I am on the chain for 5 and a half years and had no idea of this event :/ stealing is bad. No matter if it happens when you are a kid and steal a flower from someone's garden or you are an adult and steal some serious things - it's still the same action but taken on different levels. Hope I won't see this happening again :(
This is really good news ;)
This is great news! It shows that heroic acts will not be forgotten and justice will be served. Web3 community trumps bad actors. Stealing should not be tolerated.
Awww, I'm very very happy for those who have received their stolen funds, This is a win for all of us who fight that hostile takeover by Justin Sun. I think we all should remember this day and celebrate it next year.
This is great news. I see people have already had the $STEEM transferred to them. I expect it will be immediately sold as nobody wants that crappy coin. It's just a shame not everyone got paid, but some would not want to give away who they really are. At least $HIVE has proved to be stronger with double the value of that shitcoin. We need to spread this news far and wide.
The world needs more superheroes and more stories with happy endings.
Bravo! 👏
Congrats !!! @blocktrades
It's disappointing to see some companies, like Bittrex, not supporting decentralization and property rights in the crypto industry. This highlights the power of decentralized systems and the importance of community action to hold dishonest actors accountable. However, the fact that justice eventually prevailed and the stolen funds were returned to some of their rightful owners is a great example of how the crypto space is evolving to become more mature and accountable.
I remember this case. Sorry it took so long but really glad to know that at least some of those big accounts got their funds back. Btw seeing this little pump we have now, it seems that some of those millions of Steem might have been sold for Hive right away :)
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I am really new to this, possibly because I am relatively new to the blockchain, and cryptocurrency. Please is there a place where I can learn about this in full. It is important to know about past events, as they help understand how the future plays out.
I never thought the day would come, but am glad it finally did. Those who benefit from this deserve it very much. I wonder how quickly it’ll all be sold and then HIVE purchased in return.
Its a good but true story. Robinhood is superior !
Great to hear that justice was done, awesome story.
Robin Hood of Hive seem to be a great person. I have never heard of him or her but the new is great. Kudos!!
Congratulations to Bittrex too
Oh cool. I've been wondering about what would ever become of the Ninja Mined (and then stolen) Fund....nice good news to hear.
Thanks for sharing dear.
💪😀 so awesome! It's GREAT to hear something so positive and right happening in the crypto world today! (and hive is shown how great it is!)
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WE, the Hive community, is the true owner of this network. We are strong, resilient, dynamic, innovative, and we are decentralized.
This is awesome news! Indeed a gread day for decentralization!
Stoked that the judicial system is working at your part of the world! If this lawsuit happened here in Greece, oh well... haha!
I dont understood about web3 help me to learning that???
Since you're on Hive, you're using #Web3 now. If you want to understand it even more, I wrote a book about it. https://www.amazon.com/Web3-Social-Creators-Changing-World/dp/B0BW3BJYRQ/
I don't get why Bittrex didn't do the right thing, and become a hero. Good PR is priceless.
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Meanwhile, Bittrex ended operations in US. The global business is still running. Not saying these are related. Not saying they aren't. Timing is interesting.