Crypto Exchange Binance Explains Its "Rare" Dogecoin Issue — Resumes DOGE Withdrawals
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 explained its dogecoin problem Monday, stating: What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days. In addition, 1,634 users were sent 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 explained that any platform will have the same issue if it had listed dogecoin back in 2019 at v1.14.0, had transactions stuck in the wallet, and had upgraded the wallet to v1.14.2 and then updated it to v1.14.5.
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.”
Binance emphasized: No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue. 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.”
The DOGE problem at Binance has been widely discussed on social media. 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. Tags in this story Binance, binance doge, binance dogecoin, binance issue, Doge, dogecoin
What do you think about Binance’s dogecoin issue? Let us know in the comments section below. Crypto Exchange Kraken Now Supports Shiba Inu — SHIB Trading to Begin Tomorrow EXCHANGES | 1 day ago Uzbekistan Allows Residents to Trade Cryptocurrencies on Local Exchanges EXCHANGES | 5 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRetail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments in December Next articleBRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItEthereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution
The second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there’s been a lot of complaints about ether ... read more.Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion, Bank of Russia Finds Sneaker Giant Adidas Says the Metaverse Is "Exciting," Reveals Partnership With Coinbase Retail Giant Newegg Confirms Shiba Inu "Coming Soon" as AMC Theatres Gets Ready to Accept SHIB Payments Data Shows a Myriad of Crypto Networks Are More Profitable to Mine Than Bitcoin