Binance Resumes Dogecoin Withdrawals After Tech Issue, Elon Musk Spat

Binance Resumes Dogecoin Withdrawals After Tech Issue, Elon Musk Spat

In brief

  • Binance has resumed Dogecoin withdrawals following recent technical issues.
  • Elon Musk and Binance CEO Changpeng Zhao (CZ) got into a Twitter spat about it last week.
  • Leading meme cryptocurrency Dogecoin routinely moves more than one billion dollars a day in total trading volume (and sometimes much more). However, DOGE holders on Binance haven’t been able to withdraw their funds in recent weeks due to a technical issue—and even Tesla and SpaceX CEO Elon Musk started some Twitter drama over it.

    The issue is all resolved now, however, Binance claims. The world’s most popular crypto exchange by volume announced today that it has solved the technical dilemma that impacted its Dogecoin wallet over the last 17 days, and detailed the issue that led to the problems.

    According to Binance, the exchange inadvertently triggered the issue due to a conflict between various Dogecoin network updates dating back to 2019. As a result, Binance could not process withdrawals until it built a new DOGE wallet, plus some users were unintentionally sent old transactions.

    “Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built,” the exchange wrote this morning. “It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE hodlers.”

    Update on the recent issue that Dogecoin Core maintainers and #Binance experienced during the $DOGE wallet upgrade.https://t.co/PWU92wwcZM— Binance (@binance) November 29, 2021

    Last week, Musk—a noted DOGE fan whose tweets regularly pump the meme coin—ignited a Twitter spat with Binance CEO Changpeng Zhao (CZ), tweeting, “Hey [CZ], what’s going on with your Doge customers? Sounds shady.”

    “Doge holders using Binance should be protected from errors that are not their fault,” Musk added.

    Musk and CZ traded responses, with the Binance CEO adding a link to a story about a Tesla software glitch that led to a recall. In today’s post, Binance alluded to the Twitter feud, writing: “You may have heard the news, thanks to some friends on Twitter. Hi Elon. Hey CZ.”

    Binance said that it worked with the Dogecoin core team to diagnose the problem last week, and then tested it over the weekend before fully re-opening Dogecoin withdrawals this morning.

    DOGE is up 11% over the last 24 hours as of this writing at a current price of more than $0.21 per coin, per data from CoinGecko. It’s still down 70% from the peak price set in May.

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