Crypto Exchange Binance Explains Its ‘Rare’ Dogecoin Problem – Resumes DOGE Withdrawals – Bitcoin Exchanges News
Cryptocurrency exchange Binance explained its dogecoin issue which resulted in the withdrawal being suspended and Tesla CEO Elon Musk called the issue “shady.” The exchange says it was a “rare problem” and that no one was at fault.
Binance’s ‘rare’ Dogecoin issue, withdrawals resumed
Binance explained its dogecoin issue on Monday, stating:
What started out as a fairly straightforward upgrade has turned into an issue where Binance users have been unable to withdraw DOGE in the past 17 days. In addition, 1,634 users received old transactions.
“The truth is that a combination of unlikely factors led to an unforeseen problem that ultimately only affected Binance,” the company admitted.
Binance explained that any platform would have the same problem if it listed dogecoin in 2019 as v1.14.0, had transactions stuck in the wallet, and upgraded the wallet to v1.14.2, then l ‘had updated to v1.14.5.
The exchange added, “Unfortunately for Binance, we inadvertently threaded the needle with all of the above settings, resulting in coins being returned and a new wallet created.”
Binance pointed out:
No entity was at fault, nor Binance or DOGE Network had prior knowledge of this rare issue. So rest assured, as CZ said – no one is being fired.
The company said it was working with those responsible for maintaining Dogecoin Core “to diagnose, resolve and prevent similar issues from occurring.”
Further, the exchange added that on Saturday, “we tested everything by reopening the withdrawals, but we did so silently to make sure there were no more issues, and now we’re happy to ‘announce that from today withdrawals are completely open again “.
The DOGE issue at Binance has been widely discussed on social media. Tesla CEO Elon Musk recently said the issue “looks fishy.” Binance CEO Changpeng Zhao (CZ) argued that Musk was incorrect in his assessment, accusing the Tesla boss of not being aware of the situation.
What do you think of Binance’s dogecoin problem? Let us know in the comments section below.
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