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Binance Users Can Go Back to Withdrawing DOGE After a System Glitch

Binance has resumed DOGE withdrawals after they were affected more than two weeks ago by what the exchange called a “combination of unlikely factors”. DOGE owners using the exchange have not been able to withdraw the token for 17 days.

The exchange made an official announcement on Monday, stating that it had resumed DOGE withdrawals after experiencing a system glitch caused by the DOGE wallet upgrade.

 

The DOGE Wallet Challenges

Apart from the paused withdrawals on Binance, 1,634 Binance users were sent old transactions as a result of a conflict of DOGE wallet versions. This was caused by what Binance called a combination of unlikely factors that ultimately only affected Binance.

According to Binance, 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, Binance had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring the creation of a new wallet.

The announcement went further to state that no single entity was at fault and neither Binance nor DOGE Network had prior knowledge of this rare issue. 

 

Elon Musk to The Rescue?

Tesla CEO, Elon Musk, one of the world’s biggest Dogecoin supporters took to Twitter on Tuesday to discuss the DOGE withdrawal issues on Binance. Musk tagged CZ, Binance CEO and asked what was going on with Doge customers. 

After Musk’s claims that the withdrawal issue seemed shady, CZ stated that the problem was related to the latest DOGE upgrade and that it was being resolved. Musk further stated that DOGE holders using Binance should be protected from errors that are not their fault.

In order to fix the issue, Binance had to rebuild the wallet entirely while working in collaboration with Dogecoin team. On Saturday, Nov. 27, Binance tested everything by silently opening up withdrawals again to ensure there were no further issues. Binance users can now comfortably withdraw DOGE.

DOGE, a meme-based crypto, has gained popularity since Musk actively started promoting it on Twitter in 2020. Musk has shared numerous tweets mentioning the crypto on Twitter, most of which have had a positive impact on the price. Currently, DOGE is the 10th largest cryptocurrency with a market capitalization of $27 million. The price of the coin has however experienced a downward trend in the last 14 days.

Image courtesy of pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.

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