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.
(Thread) 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.
— Binance (@binance) November 23, 2021
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.”
Hey @cz_binance, what’s going on with your Doge customers? Sounds shady.
— Elon Musk (@elonmusk) November 23, 2021
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.”
Doge holders using Binance should be protected from errors that are not their fault
— Elon Musk (@elonmusk) November 23, 2021
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?”
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 may have caused you.
What happened here? ?https://t.co/g2J50zqbEu
— CZ ? Binance (@cz_binance) November 23, 2021
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
