Cryptocurrency exchange Binance has explained its dogecoin issue which resulted in withdrawal suspension and Tesla CEO Elon Musk calling the problem “shady.” The exchange says it was a “rare issue” and no one was at fault.
Binance’s ‘Rare’ Dogecoin Issue, Withdrawals Resumed
Binance stated Monday that its dogecoin issue was explained by Binance.
It started out as an easy upgrade. However, Binance users could not withdraw DOGE the last 17 days. Additionally, 1634% users received old transactions.
“The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance,” the company admitted.
Binance said that any platform would have the exact same problem. Binance had previously listed dogecoin at 2019’s v1.14.0 and the transactions were still in the wallet. Binance had then upgraded its wallet to version 1.14.2 and updated it to version 1.14.5.
The exchange added: “Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”
It is important to emphasize Binance
Binance Network and DOGE Network were not aware of this issue, but no single party was to blame. So rest assured, as CZ said – no one’s getting fired.
The company noted that it has been working with the Dogecoin Core maintainers “to diagnose, solve, and prevent similar issues from occurring.”
Furthermore, the exchange added that on Saturday, “we tested everything by opening up withdrawals again, but we did it silently to ensure there were no further issues, and now we’re pleased to announce that from today withdrawals are fully open again.”
Social media has seen a lot of discussion about the DOGE issue at Binance. Tesla CEO Elon Musk recently commented that the problem “sounds shady.” Binance CEO Changpeng Zhao (CZ) argued that Musk was incorrect in his assessment, accusing the Tesla boss of lacking knowledge of the situation.
What do you think about Binance’s dogecoin issue? Please comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerInformational: This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.