Tesla and Spacex CEO Elon Musk has raised concerns with the Binance cryptocurrency exchange over its dogecoin issue. Musk calls the situation “shady”, adding that “DOGE holders using Binance should be protected from errors that are not their fault.” Binance CEO Changpeng Zhao and the crypto exchange’s official Twitter account responded.
Elon Musk raises issue on behalf of other Dogecoin holders
Tesla CEO Elon Musk has raised concerns on behalf of dogecoin holders regarding the recent DOGE issue at the Binance cryptocurrency exchange. The issue resulted in many erroneous dogecoin transactions, with some users reporting that their accounts were frozen.
Musk, who is sometimes known as Dogefather, asked Binance CEO Changpeng Zhao (CZ), “What’s going on with your Doge clients? He added: “It looks fishy.” His tweet drew a lot of attention. At the time of writing, it has received 4.5,000 comments and liked 24.1,000 times.
Zhao and Binance’s official Twitter account both responded to Tesla’s boss.
The Binance account disagreed with Musk that the situation was shady. “No, not fishy – just frustrating and we’re working on it,” the exchange’s official account wrote, pointing the Spacex CEO to another thread with a detailed explanation of the situation he previously posted.
“The root cause is a technical issue during the recent upgrade process which resulted in the return of old transactions to 1,674 users,” Binance explained, adding that the issue occurred on Binance and not on d ‘other crypto trading platforms’ because we have a different technical portfolio setup for DOGE. The exchange added:
We have to rebuild the portfolio entirely, resulting in a delay which we believe could last for another week or so.
While acknowledging that “users who received old transactions” and “users who cannot withdraw DOGE are upset,” Binance asked, “We have kindly asked those who receive old transactions to return them, but we are aware that some users are having difficulty accessing some of the wallets.
However, Musk argued that dogecoin holders using Binance “should be protected from errors that are not their fault.” He then pointed to a thread by Dogecoin Developers explaining the situation.
Binance CEO quickly joined the discussion. He told Musk his team was “almost certain” the problem was “an issue with the latest DOGE wallet,” adding that Binance was in communication with the Dogecoin developers. Zhao then apologized to Musk for any inconvenience the issue may have caused him. He ended his tweet by asking Musk when Tesla had a software glitch that resulted in 12,000 vehicles being recalled. “What happened here?” he wrote.
I don’t use Binance (tried at one point, but signing up was too much of a hassle to go through) so no inconvenience for me personally. I just raised this issue on behalf of other DOGE holders.
“Appreciate it,” Zhao replied. “I overreacted a bit because of the word ‘sleazy’,” he admitted.
“The KYC part is tedious and we can’t serve US users. You can, however, try Binance.us, ”CZ tried to convince Musk. “It’s still a tedious sign-up process, but have DOGE. We are working with their team to resolve the issue ASAP. Musk simply responded with ‘Sounds good.’
Musk also commented on a thread on centralized crypto exchanges, like Binance and Robinhood, taking care of people’s cryptocurrencies. Responding to a tweet stating: “Not your keys, not your crypto,” Musk wrote: “Exactly.”
Tesla’s CEO previously said he owns three types of cryptocurrency: bitcoin (BTC), ether (ETH) and dogecoin (DOGE). He also confirmed that he did not own any rival doge even cryptocurrency shiba inu (SHIB). In October, he said the real reason he supported dogecoin was because “it looked like people’s crypto.”
How do you feel about Elon Musk raising concerns on behalf of dogecoin holders with Binance? And what do you think of Binance’s responses? Let us know in the comments section below.
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