Binance, the largest cryptocurrency exchange in the world by daily trading volumes has resumed Dogecoin withdrawals after a system glitch that was caused by the DOGE wallet update.
Officially, the exchange announced that DOGE withdrawals will be resumed after a 17-day period of difficulty for Binance users.
Due to conflict between several DOGE wallet versions, Binance users were also sent transactions from the past. The exchange explained that this was due to “combination unlikely factors” and only affected Binance.
“In summary, if 1) your platform had already listed DOGE in 2019, at v1.14.02) had transactions stored in the wallet 3) and then upgraded to v1.14.24) — then you could have an issue.
“Unfortunately for Binance we had inadvertently threaded our needle with all the above parameters which led to coins being resent and required a new wallet to be built,” reads the announcement.
Binance stressed that “no one entity was to blame” since neither Binance nor DOGE Network had any prior knowledge of the problem.
After Tesla CEO Elon Musk raised the issue via Twitter on Nov. 23rd, arguing that Binance’s DOGE withdrawals problem had been “shady,” Binance CEO Changpeng Zhao immediately stated that the problem was due to the Doge wallet upgrade.
Appreciate it. Due to the term “shady”, I overreacted. We can’t serve US users because the KYC process is lengthy. You could try https://t.co/hSHrrlWIfF though. It is still a lengthy process but you can #Doge. We are currently working with their team in order to resolve the problem as soon as possible.
CZ Binance (@cz_binance), November 23, 2021
Related: Ripple CEO Slams Dogecoin’s ‘inflationary dynamic’
Dogecoin, a meme-based cryptocurrency, has become increasingly popular ever since Musk began actively advocating DOGE on Twitter in 2020. DOGE, which has a market capitalization in excess of $27 billion at the time of writing is the 10th most popular cryptocurrency. According to CoinGecko, DOGE’s price has fallen recently with Dogecoin falling more than 22% in the past 14 days.
Dogecoin price chart for the 30-day period. Source: CoinGecko
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