Despite the whole deep web and SilkRoad shenanigans, and what the general media might say, the Cryptocurrency community does not approve of cyber crime, nor does it look lightly upon it.

The Ethereum community managed to prove it, with the successful implementation of the hard-fork that will allow users to recover their DAO tokens for Ether on a 100-1 scale, and a smart contract that will also refund the extra Ether sent in the last days of The DAO creation period.

Steem managed to turn a lot of heads in last week, which was mostly turned up as the price rose at an incredible pace. The Steemit platform was hacked during its climb on the price charts, due to a browser related vulnerability.

The amount of Steem and Steem Dollars stolen, $85,000 worth, doesn’t come close to what was stolen from (and returned to) The DAO in Ether. But the Steemit team took it seriously none the less and reported the hack to the police and other cyber crime authorities, including the FBI.

The price managed to stay stable after the incident, which shows that a certain amount of trust has been deposited in the developers by Steem users and traders.

Steem

Steem developers quickly dealt with the situation by containing the hack and conducting an investigation to determine the exact amount of steem stolen and from with accounts they were stolen from during the 14 of July hack.

Users, whose account may have been compromised are now able to Recover their account and to set a new, stronger password, which must be at least 32 characters long due to new security implementations. The stolen funds will also be returned to the users, leaving the hacker(s) empty-handed once more.

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.