So rest assured, as CZ said – no one’s getting fired. No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue. 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 wallet needed to be built.” “The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance,” the company admitted.īinance 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. In addition, 1,634 users were sent old transactions. What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days. Binance’s ‘Rare’ Dogecoin Issue, Withdrawals Resumedīinance explained its dogecoin problem Monday, stating: It also stated that this incident would likely push customers to decentralized exchanges (DEXs).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. In its blog post last week, the exchange said that Binance’s move of arbitrarily freezing user accounts damaged the user trust. Hence, his comments spurred debates and jibs from Binance’s rivals. Rival’s takeĮlon Musk is a powerful ally of Dogecoin (DOGE), the OG meme coin. After “silently” opening withdrawals on November 27th, the platform fully opened the withdrawals starting today again. While referring to Musk’s shady remark, the blog post stated that there was no way Dogecoin Core maintainers and Binance would have been able to “plan” this. 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.”Īccording to Binance, the event was nothing short of an unlikely and unfortunate coincidence for all the parties involved. “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)ĪND then updated to v1.14.5 - you can have an issue. It explained that the “technical issue” led to old transactions being sent back to many users due to a unique wallet arrangement for DOGE. While detailing facts and clarifying that no shade was intended, the exchange’s post said several unlikely factors resulted in an unforeseen issue that subsequently affected only Binance. To top that, 1,634 customers were sent old transactions. However, users were not able to withdraw their DOGE tokes for 17 days straight. It all began as, what Binance describes, a “straight-forward” upgrade. In its blog post titled, “The Inside Story on DOGE withdrawals,” Binance revealed what actually transpired and how no one was at fault. The world’s leading cryptocurrency exchange, Binance, has opened up about the entire fiasco that was endured by Dogecoin Core maintainers and the company during the wallet upgrade.
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