Binance, one of the world's largest cryptocurrency exchanges by daily trading volumes, has resumed Dogecoin (DOGE) withdrawals after a system crash caused by the DOGE wallet update.
The exchange officially Announced on November 29, which restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days.
Additionally, 1,634 Binance users were sent old transactions due to a conflict of multiple DOGE wallet versions. This happened due to a "combination of unlikely factors" and ultimately affected only Binance, the exchange wrote:
“In short, if 1) your platform had included DOGE in 2019, at v1.14.0 2) you had transactions stuck in the wallet 3) you had updated the wallet to v1.14.2 4) And then it was updated to v1.14.5 - you may have a problem ".
"Unfortunately for Binance, we inadvertently threaded the needle with all of the above parameters, which led to the coins being re-shipped and requiring a new wallet to be built," the announcement reads.
Binance emphasized that "no entity was to blame" as neither Binance nor the DOGE network had prior knowledge of the issue.
The solution came later Tesla CEO Elon Musk raised the issue on Twitter on November 23, arguing that Binance's DOGE withdrawal issue was "murky." Binance CEO Changpeng Zhao immediately stated that the issue was related to the latest update to the Doge wallet.
I appreciate. I reacted a bit more because of the word "gloomy". The KYC part is tedious and we cannot serve US users. You could try https://t.co/hSHrrlWIfF although. It's still a tedious registration process, but #Doge. We are working with your team to fix the problem as soon as possible.
- CZ Binance (@cz_binance) November 23, 2021
Related: Ripple CEO criticizes Dogecoin for 'inflationary dynamics'
Dogecoin is a meme-based cryptocurrency that has been increasingly popular since Musk began to actively promote DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th largest cryptocurrency with a market capitalization of $ 27 billion. The price of DOGE has fallen recently, with Dogecoin falling more than 22% in the last 14 days, according to CoinGecko.
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