Home News Binance has resumed DOGE withdrawals, after Elon Musk’s comments

Binance has resumed DOGE withdrawals, after Elon Musk’s comments

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After a severe outage in which Binance users were unable to withdraw Dogecoin for 17 days, the exchange formally confirmed on Monday that DOGE withdrawals had been resumed. Following a system malfunction caused by the DOGE wallet upgrade,

the world’s leading cryptocurrency exchanges by daily trading volumes has resumed Dogecoin (DOGE) withdrawals, “combination of unlikely factors”, the exchange said.

In addition, due to a dispute between multiple DOGE wallet versions, 1,634 users on Binance received obsolete transactions. This occurred as a result of a “combination of unexpected variables” that exclusively affected Binance.

 “In brief, if 1) your platform offered DOGE back in 2019, at v1.14.0 2) had transactions trapped in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 – you may have an issue,” the exchange warned.
“Unfortunately for Binance, we had accidentally threaded the needle with all of the above settings, resulting in the coins being re-sent and necessitating the creation of a new wallet,” according to the release

Elon Musk defined that DOGE withdrawals problem “shady”

Binance stressed that “no single entity was to blame”. As neither Binance nor the DOGE Network were aware of the problem beforehand.
The implementation of the update came after Tesla CEO Elon Musk raised the matter on Twitter on Tuesday. Calling Binance’s DOGE withdrawals problem “shady”.
The reason for the problem, according to Binance CEO Changpeng Zhao, was the recent DOGE wallet upgrade.

The tenth most valuable cryptocurrency is DOGE

Dogecoin is a meme-based cryptocurrency that has grown in popularity since 2020, when Musk began heavily supporting DOGE on Twitter. DOGE is the tenth most valuable cryptocurrency, with a market capitalization of $27 billion at the time of writing. Dogecoin’s price has plummeted in recent days, according to CoinGecko. With DOGE down more than 22% in the last 14 days.

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