A few days after Elon Musk’s comments, Binance resumed DOGE withdrawals
Based on daily trading volume, Binance, one of the world’s largest cryptocurrency exchanges, has resumed the use of Dogecoin (dog) Withdraw funds after system failure caused by DOGE wallet upgrade.
Formal communication Announce On Monday, after encountering a major problem that Binance users could not withdraw Dogecoin for 17 days, it restarted DOGE withdrawals.
In addition, 1,634 users on Binance received old transactions due to conflicts between multiple DOGE wallet versions. This happened due to an “unlikely combination of factors” and ultimately only affected Binance. The exchange wrote:
“In short, if 1) your platform has been listing DOGE on v1.14.0 in 2019 2) the transaction card is in the wallet 3) the wallet has been upgraded to v1.14.2 4) and then updated to v1.14.5 — —You may have a problem.”
“Unfortunately for Binance, we accidentally put all the above parameters on the needle, which caused the token to be re-sent and a new wallet needs to be constructed,” the announcement read.
Binance emphasized that “no one entity is at fault” because neither Binance nor the DOGE network have been aware of this issue in advance.
After repair Tesla CEO Elon Musk asked this question On Twitter on Tuesday, the issue of Binance’s DOGE withdrawal was considered “shady.” Binance CEO Changpeng Zhao Immediately stated that the problem was related to the latest DOGE wallet upgrade.
Appreciate it. Because of the word “shady”, my reaction was a bit overdone. The KYC part is tedious, and we cannot provide services to American users.You can try https://t.co/hSHrrlWIfF although.Still a tedious registration process, but there are #Doge. We are working with their team to resolve this issue as soon as possible.
-CZ Binance (@cz_binance) November 23, 2021
Dogecoin is a meme-based cryptocurrency that has grown in popularity since Musk Start to actively promote DOGE 2020 on Twitter. At the time of writing, DOGE is the 10th largest cryptocurrency with a market capitalization of 27 billion USD. The price of DOGE has plummeted recently. Dogecoin has fallen by more than 22% in the past 14 days. According to Coin Tiger.