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Binance CEO, Changpeng Zhao And Elon Musk Debate Goes Hot Over Dogecoin Withdrawal issues

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Cryptocurrency exchange Binance has announced that it is addressing the dogecoin issue, but it will take another week or so to fully restore dogecoin withdrawals.



The company issued a statement when Elon Musk came forward to raise his concerns that why Binance is still not able to resume dogecoin withdrawals.

On November 10, “We discovered a minor issue with DOGE network withdrawals on Binance after carrying out a version update on 2021-11-10,” Binance said in a post on Thursday morning without specifying what the “minor issue” was. “As a result, we have temporarily suspended DOGE network withdrawals until this issue is resolved. Binance is actively working with the DOGE project team to resolve the issue.”

On November 23, Elon Musk drew attention to the incident by addressing the head of Binance saying:

“Hey cz_binance, what’s going on with your Doge customers? Sounds shady.”

In response to Musk’s remarks, the Binance publicly disclosed details of the incident saying:

“An update on the issue we’re having with DOGE withdrawals: The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users. The issue occurred on Binance – and not other platforms – because we have a different technical wallet set-up for DOGE.

Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so. It’s a long and complex process, but the team is working hard.

We’re aware that 1) users who received old transactions and 2) users who cannot withdraw DOGE are upset – and rightly so.

We’ve kindly asked those that receive the old transactions to return them, but we’re aware that select users are having trouble accessing some of the wallets. Our CS team is here 24/7 to help these users.”

 

In response, the head of Tesla noted that DOGE holders using Binance should be protected from errors that occur through no fault of theirs.

“Doge holders using Binance should be protected from errors that are not their fault.”

Zhao also joined the discussion, pointing out that Tesla is also experiencing software glitches that threaten the safety of its users.

“Elon, we are pretty certain it is an issue with the latest doge wallet. We are in communications with the devs. Apologies for any inconvenience that this may have caused you. What happened here?”

 

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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