Due to a "combination of unlikely factors," Binance users were incapable to withdraw Dogecoin, according to the exchange
Binance, one of the world's top cryptocurrency exchanges by everyday trading volume, has resumed Dogecoin (DOGE) withdrawals after a technical problem triggered by the DOGE wallet upgrade.
The exchange officially declared on Monday that it has resumed DOGE withdrawals following a significant interruption in which Binance users were unable to withdraw Dogecoin for 17 days.
Furthermore, due to a dispute among various DOGE wallet versions, 1,634 Binance users were sent outdated transactions. This occurred as a result of a "combination of unlikely factors" and eventually affected just Binance. The following was stated by the exchange:
“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,” the announcement states.
Binance highlighted that "no single entity was at fault," as neither Binance nor the DOGE Network had been aware of the issue beforehand.
The change occurred after Tesla CEO Elon Musk raised the matter on Twitter on Tuesday, calling Binance's DOGE withdrawals "shady." Binance CEO Changpeng Zhao suddenly announced that the issue was caused by the most recent DOGE wallet upgrade.
Dogecoin is a meme-based cryptocurrency that has grown in popularity after Musk began actively promoting it on Twitter in 2020. DOGE is the 10th largest cryptocurrency, having a market capitalization of $27 billion, at the time of writing. DOGE's price has lately dropped, with Dogecoin decreasing more than 22% in the last 14 days, according to sources.