Steemit Secures Hacked User Accounts, Advises New Passwords

 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 balances over $100 USD. These  accounts have also been restored to their rightful owners, Scott  revealed. He also revealed that platform will begin to allow all of those  secured accounts to reset their passwords, within the next two days. Steem Coin value reached a high of $4.54 yesterday before falling  over 20% in the early hours of today to $3.67. The cryptocurrency, along  with the Steemit platform has risen up remarkably  since its launch two months ago, reaching an all-time high of $4.93 per  token with a market cap of $403.5 million on Wednesday, two days ago.  Steem remains the third highest faring cryptocurrency in market cap,  behind Bitcoin and Ethereum, at the time of publishing 

 Meanwhile, Steemit partner and digital currency exchange Bittrex has  temporarily suspended trading of the platform’s token currency Steem on  its platform, until an investigation is concluded. “The Bittrex team is completing analysis of our wallet. Once it has  passed their rigorous compliance checks, they will reopen the wallet for  deposits and withdrawals,” Scott added. 

 The chief executive also had choice security advice for all Steemit users following the hacking incident. He stated: 

To all Steemit users: if you have not done so already,  please reset your account passwords. We ask this to ensure that  everyone’s account is secure. Remember that each account has 3 keys: an  Owner Key, an Active Key, and a Posting Key. We recommend following best security practices by choosing unique passwords for each of these keys.

Furthermore, he reaffirmed that all Steem or Steem Dollars stolen as a  result of the hack, worth about $85,000, will also be fully refunded by  the platform to affected users. Featured image from Shutterstock.