Binance resumes Dogecoin withdrawals following criticism from Elon Musk

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Binance resumes Dogecoin withdrawals following criticism from Elon Musk By Hannah perez

After two weeks with the withdrawal option disabled, and much criticism, the exchange released a statement today detailing what happened.


The well-known cryptocurrency exchange, Binance, announced this Monday that it is resuming operations to withdraw Dogecoin (DOGE) on its platform after a failure that was caused after the last update of that cryptocurrency.

As reported DailyBitcoin, last November 11 Binance had issued a statement informing the temporary suspension of withdrawals from the token puppy due to a “minor problem “ after implementation of the version update on 2021-11-10 of DOGE. Although at that time the exchange did not provide further details, the reports indicated that the problem had arisen due to the reduction of rates applied by the update that had started old transactions stuck in Binance.

The inconvenience generated discontent among many of the platform’s users and even caught the eye of billionaire Elon Musk, who took to Twitter to consult with the CEO of Binance, Changpeng Zhao (CZ), on the eventuality.

Hey CZ What’s going on with your Doge clients? It sounds murky.

In the tweets, Musk expressed his disagreement with the lack of transparency of the platform, although he admitted that he does not personally use Binance. Then, the day after the discussion, the CEO of Tesla agreed with a tweet of a defender of Dogecoin that invited “break dependency”From centralized exchanges (CEX), such as Binance and Robin Hood.

Musk’s response was interpreted by many of his followers as a suggestion to leave the main platform.

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Binance resumes withdrawals from DOGE

Just over two weeks after the first release, Binance reported this November 29 that has finally resumed the withdrawals of Dogecoin. Users of the exchange had spent the past 17 days unable to withdraw their funds from the doggy coin. In the notice, Binance He also provided some details about what happened.

What started out as a fairly straightforward update turned into a problem where […] 1,634 users received old transactionsExplained the company. The CEO of the exchange had already advanced some of the information on Twitter, in response to Musk.

The platform detailed that the issue occurred due to an issue with the DOGE wallet versions in Binance. The exchange He added that it had been a combination of factors that had affected only Binance. “It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and the DOGE hodlers.Wrote the exchange and detailed:

In short, if 1) your platform had listed DOGE all the way in 2019, at v1.14.0 2) you had transactions stuck in the wallet 3) you had updated the wallet to v1.14.2 4) And then you updated to v1.14.5 – you you may have a problem.

Binance said that the combination of “all the above parameters ” provoked “For the coins to be resent and require a new wallet to be built“. The company also excused itself, emphasizing that “no entity was at fault“Since neither Binance not even the DOGE network had prior knowledge of the problem.

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The leading cryptocurrency exchange launched withdrawals of Dogecoin after having tested the functionality “quietly to make sure there were no more problems“, As indicated in the statement. The company also assured that it had worked hand in hand with the DOGE developer team to avoid similar inconveniences in the future.

DOGE price rises slightly

The news comes after criticism voiced by the CEO of Tesla and Spacex In the past week. Musk has come out as a fan of Dogecoin and he has been actively promoting puppy cryptocurrency since last year through his social media accounts. The support of the billionaire has made DOGE a very popular token in the ecosystem; especially after a meteoric price rally of more than 100% registered at the beginning of the year.

By the time of editing, Dogecoin it is trading slightly higher with a rise of 2% in the last 24 hours and registers a price of USD $ 0.2. However, that price level is almost 30% below its historical maximum of USD $ 0.8 reached in May.

Binance resumes Dogecoin withdrawals following criticism from Elon Musk
DOGE’s price performance during 2021 – source: CryptoMarkets

The asset characterized by the image of a Shiba Inu is the tenth largest cryptocurrency by market capitalization.

Recommended reading

Sources: Binance, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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