Following a recent bug in the Binance Dogecoin wallet which led to Binance being shut down, the cryptocurrency exchange has resumed deposits and withdrawals of Dogecoin on its platform.
Binance reopened deposit and withdrawals for Dogecoin (DOGE) earlier today after the exchange had been shut down due to an update issue.
A recent upgrade bug in the Binance Dogecoin wallet resulted in the processing of year-old transactions that had been left in the system due to low fees.
The crypto platform published a blog post explaining the flaws and expressing regret for the occurrence. According to the official blog post,
The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance.
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.
After multiple Binance users complained about receiving an email from the crypto exchange demanding them to return DOGE that was not in their accounts, the event spiralled into a big uproar.
The debate erupted when Elon Musk chastised Binance for its treatment of Dogecoin consumers, claiming that users should not suffer as a result of the exchange’s error.
Binance CEO Changpeng Zhao retaliated with a news story link referring to a Tesla system flaw that resulted in hundreds of cars being recalled.
Hey @cz_binance, what’s going on with your Doge customers? Sounds shady.
— Elon Musk (@elonmusk) November 23, 2021
Musk said he was simply pointing out an issue, while CZ admitted he overreacted in response to Tesla CEO Elon Musk’s “shady” remark. Musk did, however, warn people about the problems of centralized platforms.
I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other Doge holders.
— Elon Musk (@elonmusk) November 23, 2021
