Binance resumes DOGE withdrawals days after Elon Musk’s comments


Binance, one of the world’s largest cryptocurrency exchanges in terms of daily trading volumes, has resumed Dogecoin (DOGE) withdrawals following a system glitch caused by the DOGE wallet upgrade.

The exchange officially announced on November 29 that it had restarted DOGE withdrawals after encountering a major issue preventing Binance users from withdrawing Dogecoin for 17 days.

Additionally, 1,634 users on Binance received old transactions due to a conflict between multiple DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately only affected Binance, the exchange wrote:

In short, if 1) your platform had listed DOGE since 2019, at v1.14.0 2) had stuck transactions in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then upgraded updated to v1.14.5 – you may have a problem.

“Unfortunately for Binance, we inadvertently threaded the needle with all of the above settings resulting in coins being sent back and a new wallet created,” the announcement reads.

Binance stressed that “no entity was at fault” because neither Binance nor the DOGE network had prior knowledge of the issue.

The fix came after Tesla CEO Elon Musk raised the issue on Twitter on November 23, saying Binance’s DOGE withdrawal issue was “shady.” Binance CEO Changpeng Zhao said right away that the issue was related to the latest Doge wallet upgrade.

Related: Ripple CEO criticizes Dogecoin for “inflationary momentum”

Dogecoin is a memes-based cryptocurrency that has grown in popularity since Musk began actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th largest cryptocurrency with a market cap of $ 27 billion. The price of DOGE has fallen recently, with Dogecoin falling more than 22% in the past 14 days, according to CoinGecko.

30 Day Dogecoin Price Chart. Source: CoinGecko