Binance has opened all Dogecoin withdrawals following a heated back-and-forth between Elon Musk and CZ (DOGE)
When the Dogecoin Core maintainers and Binance were unable to upgrade their wallets, the world’s top cryptocurrency exchange, Binance, opened up about it. “The Inside Story on DOGE Withdrawals” by Binance explains exactly what happened and why no one was to blame.
Bitcoin (BTC) withdrawals for Dogecoin (DOGE) are now possible
Initially, it was a “straightforward” upgrade, as Binance describes it. To make matters worse, customers couldn’t get their DOGE tokes out of their wallets for 17 straight days! Adding insult to injury, 1,634 customers received old transactions.
Even though the exchange made it clear that no malice was intended, the post explained how a number of unlikely circumstances led to an unforeseen problem that only affected Binance.
It stated that a “technical glitch” caused many users to receive old transactions back because of a unique wallet configuration for DOGE.
“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4)
AND then updated to v1.14.5 — you can have an issue. Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”
An unfortunate and unforgivable coincidence, according to Binance, was what led to the incident It was noted in the blog post that the Dogecoin Core maintainers and Binance could not have “planned” this in reference to Musk’s dubious remark. Earlier today, the site reopened withdrawals fully after “silently” opening them on November 27th.
The viewpoint of a competitor
The original meme coin, Dogecoin (DOGE), has a powerful supporter in Elon Musk. That’s why some of Binance’s competitors took offense at his remarks. In the case of Huobi, there was no restraint.
Last week, the exchange wrote a blog post claiming that Binance’s decision to arbitrarily freeze customer accounts had tarnished the exchange’s reputation. Decentralized exchanges are expected to benefit from this tragedy, as well (DEXs).
