Cryptocurrency exchange Binance has resumed Dogecoin (DOGE) withdrawals following a system glitch caused by the DOGE wallet upgrade. What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days.
This development comes days after Tesla CEO Elon Musk on Twitter, raised concerns on behalf of Dogecoin holders regarding the recent DOGE problem at cryptocurrency exchange Binance. The issue resulted in numerous erroneous Dogecoin transactions with some users reporting that their accounts were frozen.
Musk asked Binance CEO Changpeng Zhao, “What’s going on with your Doge customers?” adding that, it “Sounds shady.”
In a blog post, Binance announced that withdrawals are open after a two-week halt that was caused by a database issue after a network upgrade. “It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE holders. If we at Dogecoin Core maintainers and Binance had tried to plan this, we simply would not have been able to – not quite the shady circumstances that some had suggested,” Binance said.
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The exchange looked that during an update of the meme coin’s wallet to a new version, 1,634 users had received old transactions. “The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance,” the crypto exchange clarified.
“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 announcement reads.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin. It was started as a satire on the numerous fraud crypto coins that had sprung up at the time, and takes its name and logo from a Shiba Inu meme that was viral several years ago.
DOGE also has an ardent supporter—Musk, who frequently tweets have added to the digital token’s mania. Musk had once changed his Twitter bio to “Former CEO of Dogecoin.” At the time of writing, DOGE is the 10th-largest cryptocurrency with a market capitalization of $27 billion, according to CoinMarketcap.
Recently, Musk had also responded to a tweet by Bill Lee, an investor in Musk’s ventures, agreeing that until the wallet keys are in the user’s possession, they should not consider the holdings as “their own”. The Tesla CEO wants people who own digital assets to own their own private keys rather than letting a crypto exchange handle them.
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