Crypto Exchange Binance explains its “rare” Dogecoin problem – resumes DOGE withdrawals – Exchanges Bitcoin News
The cryptocurrency exchange Binance has explained its Dogecoin issue, which resulted in a suspension of the payout, and Tesla CEO Elon Musk called the problem “seedy”. The exchange says it is a “rare problem” and no one is to blame.
Binance’s “rare” Dogecoin problem, withdrawals resumed
Binance stated its Dogecoin problem on Monday as follows:
What started as a fairly straightforward upgrade turned into an issue where Binance users DOGE were unable to withdraw for the past 17 days. In addition, 1,634 users were sent old transactions.
“The truth is that a combination of unlikely factors created an unforeseen problem that ultimately only affected Binance,” the company admitted.
Binance stated that every platform will have the same problem if they had Dogecoin listed at v1.14.0 back in 2019, transactions got stuck in the wallet and the wallet was updated to v1.14.2 and then updated to v1.14.5.
The exchange added: “Unfortunately for Binance we accidentally threaded all of the above parameters into the needle, which resulted in the coins being sent again and a new wallet built.”
Binance emphasized:
No single company was to blame, neither Binance nor DOGE Network had any prior knowledge of this rare problem. So rest assured, as CZ said – no one gets fired.
The company noted that it worked with the maintainers at Dogecoin Core “to diagnose, resolve and prevent similar problems.”
In addition, the exchange added that on Saturday we “tested everything by reopening withdrawals, but we did this in silence to make sure there weren’t any more issues and now we’re happy to tell you.” that withdrawals are fully open again starting today. “
The DOGE issue at Binance has been widely discussed on social media. Tesla CEO Elon Musk recently commented that the problem “sounds dodgy.” Binance CEO Changpeng Zhao (CZ) argued that Musk was wrong in his assessment and accused the Tesla boss of lacking knowledge of the situation.
What do you think of Binance’s Dogecoin problem? Let us know in the comment section below.
Kevin Helms
Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.
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