One of the most promising blockchain projects yet was hacked. According to the official statement from Steemit, 260 accounts were compromised, and about $85,000 USD of Steem – Steemit’s cryptocurrency – were stolen. While the staff at the new social network deals with the aftermath, the attack raises a few questions. Chiefly among them is how hackers seem to be hitting new blockchain based projects as soon as they come out.

Steemit, the DAO and even Bitcoin

This could mean that there is not enough testing for the security mechanisms before these projects go live. In the case of Steemit, the amount stolen was probably the smallest of any of the other projects that have fallen victim to hackers. Nevertheless the attack went against core Steemit security features, unlike previous attacks to the DAO – on the Ethereum network – and bitcoin – for which there are countless stories of coins being stolen.

A Quick Response

When bitcoin gets stolen, it is solely the responsibility of…

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