Binance, the largest crypto exchange by trading volume, has resumed withdrawals for Dogecoin (DOGE/USD) after almost three weeks of suspending the service. The exchange unveiled this news through a blog post earlier today, saying the issue stemmed from a DOGE wallet upgrade on November 10.
Highlighting the string of events that ultimately resulted in the withdrawal service going down, Binance said,
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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.
The exchange added that it faced all the above issues, which resulted in 1,634 users getting old transactions due to a conflict of multiple wallets. However, Binance acknowledged that neither it nor the Dogecoin Core team was at fault, seeing as none of them were aware of the issue.
Remedying this problem involved resending coins in the old transactions and creating a new wallet. These efforts consumed 17 days before Binance silently restored withdrawals on November 27 to test whether the fix covered everything. After ensuring everything was running smoothly, the exchange restored the service earlier today.
The DOGE ambassador comes to the rescue
While Binance claims it worked alongside the Dogecoin Core maintenance team for 17 days, a tweet from DOGE evangelist Elon Musk seems to have expedited the work.
After increasing complaints from DOGE adopters, Musk to Twitter to ask Changpeng Zhao (CZ), Binance’s CEO, what was going on.
In response, CZ explained that the DOGE wallet update was the problem. He apologized for any inconveniences and implied all platforms face issues, reminding Musk the US National Highway Traffic Safety Administration (NHTSA) once said over 11,704 Tesla vehicles were subject to a safety recall due to a glitch in Tesla’s software.
Musk replied that he does not use Binance because he tried the exchange and found its registration tedious. He added that he only brought the issue to CZ’s attention on behalf of the DOGE community.
CZ admitted that he took offense when Musk said Binance’s operations were shady but went ahead to nudge him to try using Binance.US despite its sign-up process being tedious as well.
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