Meta/crypto

Binance resumes DOGE withdrawals days after Elon Musk’s comments

Binance, one of the world’s largest cryptocurrency exchanges by daily trading volume, has resumed Dogecoin (DOGE) withdrawals after a system malfunction caused by the DOGE wallet upgrade.

The exchange officially announced on Monday that it had restarted DOGE withdrawals after a major issue that prevented Binance users from withdrawing Dogecoin for 17 days.

In addition, 1,634 users on Binance were sent old transactions due to a conflict between several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately only affected Binance. The exchange wrote:

“In short, if 1) your platform DOGE was already listed at v1.14.0 in 2019 2) had transactions stuck in the wallet 3) the wallet had been updated to v1.14.2 4) AND then it was updated to v1.14.5 – you can have one Have a problem. “

“Unfortunately for Binance we accidentally threaded all of the above parameters into the needle, which led to the coins being sent again and a new wallet to be built,” the announcement said.

Binance stressed that “no single company was to blame” as neither Binance nor the DOGE network had any prior knowledge of the problem.

The solution came after Tesla CEO Elon Musk raised the problem on Tuesday on Twitter, arguing that Binance’s DOGE withdrawal problem was “seedy”. Binance CEO Changpeng Zhao immediately stated that the problem is related to the latest DOGE wallet upgrade.

Am grateful. I overreacted a bit because of the word “shady”. The KYC part is tedious and we cannot serve US users. However, you could try https://t.co/hSHrrlWIfF. Still a tedious sign up process, but #Doge. We are working with your team to fix the problem as soon as possible.

– CZ Binance (@cz_binance) November 23, 2021

Related: Ripple CEO criticizes Dogecoin for “inflationary dynamics”

Dogecoin is a meme-based cryptocurrency that has been growing in popularity since Musk began actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th largest cryptocurrency with a market cap of $ 27 billion. DOGE’s price has recently fallen, with Dogecoin falling more than 22% in the past 14 days, according to CoinGecko.

Dogecoin 30 Day Price Chart. Source: CoinGecko

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