Binance Resumes Dogecoin Withdrawals Days After Elon Musk Complaints

Binance, one of the world’s largest cryptocurrency exchanges by daily trading volume, has resumed withdrawals from Dogecoin (DOGE) after a system crash caused by the cryptocurrency wallet update, which has caused Binance users They could not withdraw cryptocurrencies since last November 10.

More than 1,600 Binance users received old transactions due to a conflict of multiple versions of the DOGE wallet, although it only affected Binance. The exchange wrote that “if 1) its platform had listed DOGE all the way in 2019, at v1.14.0 2) it had transactions stuck in the wallet 3) it had updated the wallet to v1.14.2 4) And then it updated to v1.14.5 – may have a problem. “

According to the statement, “previous parameters had been used, which led to the coins being forwarded and requiring the construction of a new portfolio.” Binance has maintained that “no entity was to blame” as neither Binance nor the DOGE network had prior knowledge of the problem.

The correction came after Tesla CEO Elon Musk denounced last Tuesday on his Twitter account that Binance withdrawals on DOGE sound “shady”. Binance CEO Changpeng Zhao immediately stated that the issue was related to the latest update to the DOGE wallet. However, Musk replied that “Doge holders using Binance they should be protected from mistakes that are not their fault”.

Binance clarified that it is working with the DOGE network to remedy the issue, but that it is taking longer than usual as the exchange has to rebuild the digital wallets containing the coins. Technical glitches are common on blockchain platforms.

Dogecoin is a meme-based cryptocurrency that has been increasingly popular since Musk began actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th largest cryptocurrency with a market capitalization of $ 27 billion. The price of DOGE has risen slightly, although Dogecoin has fallen more than 22% in the last 14 days, according to CoinGecko.

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