Steemit Starts Post-Hack Account Recovery as Steem Market Cap Tops $380m

Steemit, the decentralized social media platform rewarding users for their work with cryptocurrency, has announced that account recovery is now available for affected members following last week's cyber attack.

The hacking was rather minor compared with other attacks on cryptocurrency firms with fewer than 260 accounts compromised, and less than $85,000 worth of Steem stolen. Despite this, the platform has taken a proactive approach, quickly notifying all clients they will be reimbursed in full and contacting relevant legal authorities for help, including the FBI.

Now Steemit CEO Ned Scott writes: "The Steemit team is finalizing its analysis of the cyber attack and determining exactly how much Steem and Steem Dollars were stolen from each account. Once we have completed the full account of lost tokens, we will reimburse every compromised user as promised."

As for the Steem cryptocurrency, it has increased by over 40% in the last week after it already jumped over 1250% since its first payout. The total market capitalization of Steem has surged from $260 million last Wednesday to a height of $381 million right now, cementing its place as the 3rd most valuable cryptocurrency above Ripple and Litecoin. At about $3.3 million, Steem's daily trading volume is about double that of Ripple and Litecoin combined, while still very much dwarfed by those of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term or even Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term.