Binance Opens Withdrawals For Dogecoin – Here’s What Happened
Binance has opened all withdrawals of Dogecoin (DOGE), after tweet exchange between Binance founder Changpeng Zhao and Elon Musk.
Leading crypto exchange Binance, has finally explained the technical issue within the exchange that took place after Dogecoin developers issued a wallet upgrade. In its blog post titled, “The Inside Story on DOGE withdrawals,” Binance dug in what actually happened, and how no one was at fault.
It all started as, what Binance called, a “straight-forward” upgrade. But what followed was that users were not able to withdraw their DOGE tokens for 17 days straight. What made matters even more complicated, 1,634 customers were sent old transactions. Detailing facts and clarifying what actually happened, the exchange’s post said several unlikely factors resulted in an unforeseen issue that subsequently affected only Binance.
It explained that the “technical issue” led to old transactions being sent back to many users due to a unique wallet arrangement for DOGE.
“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. 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.”
Binance explained that the incident was just an unlikely and unfortunate coincidence for all the parties involved. Regarding Musk’s ‘shady’ remark, the blog post clarified that there was no way Dogecoin Core maintainers and Binance would have been able to “plan” this. After quietly testing the withdrawals on November 27th, the platform fully opened the withdrawals starting today again according to the announcement.
Dogecoin on an average day moves more than one billion dollars in total trading volume, on a good day much more.
