In Brief:
- Binance shared the inside story on the Dogecoin withdrawal incident.
- Due to some technical issues, the dogecoin holders were unable to withdraw DOGE for the past 17 days.
- The issue was resolved on November 27.
Binance, a top-tier cryptocurrency exchange, shared the inside story on the Doge incident. The purpose is to provide clarity to its users about the inconvenience caused in the last 17 days.
According to the Binance Blog post, Dogecoin Core maintainers and Binance had some issues during the DOGE wallet upgrade. Binance customers have been unable to withdraw DOGE for the past 17 days due to a simple upgrade gone wrong. In addition, 1634 users were sent old transactions due to a unique wallet arrangement for DOGE.
The incident went viral when Elon Musk tweeted that Dogecoin holders should not be punished for Binance’s mistake. He went on to say that Binance was acting “shady”.
CZ responded with a snarky remark about faulty Tesla vehicles from earlier in November. In the blog post, Binance also made a sarcastic statement – “You may have heard the news, thanks to some friends on Twitter. Hi Elon. Hey CZ.”
Binance later detailed the technical issues that led to this incident, starting with a statement saying – “The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance.”
Binance further explained – “In short, if
- Your platform had listed DOGE all the way back in 2019, at v1.14.0
- Had transactions stuck in the wallet
- Had upgraded the wallet to v1.14.2
- 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 crypto exchange also said that it is an unfortunate incident for both, Binance and the DOGE network, and DOGE holders. Also, no single entity was at fault. After resolving the issue, it opened up withdrawals again on November 27.
