Cryptocurrency exchange Binance has explained its dogecoin issue which resulted in withdrawal suspension and Tesla CEO Elon Musk calling the problem “shady.” The exchange says it was a “rare issue” and no one was at fault.
Binance’s ‘Rare’ Dogecoin Issue, Withdrawals Resumed
Binance explained its dogecoin problem Monday, stating:
What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days. In addition, 1,634 users were sent old transactions.
“The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance,” the company admitted.
Binance explained that any platform will have the same issue if it had listed dogecoin back in 2019 at v1.14.0, had transactions stuck in the wallet, and had upgraded the wallet to v1.14.2 and then updated it to v1.14.5.
The exchange added: “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…
