$ 19,067.67
$ 1,052.53
$ 1.00
$ 0.448171
$ 0.313248
$ 1.00

After Elon Musk’s Backlash, Binance has Restored Dogecoin (DOGE) Deposits and Withdrawals

Earlier on Monday Binance restored DOGE deposits and withdrawals, after completely freezing the option for running upgrade diagnostics.

After attempting to fix the malfunctioning of the latest Binance update, the function of Dogecoin (DOGE) deposits and withdrawals were frozen for a short while. Nonetheless, earlier on Monday Binance restored Dogecoin (DOGE) deposits and withdrawals. 

An upgrade malfunction in the Binance Dogecoin (DOGE) wallet resulted in the processing of year-old transactions that, because of low transaction fees, were present in the system. 

The crypto platform published a blog post explaining the flaws and expressing regret for the occurrence. According to the blog post “The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance. 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.”

After multiple Binance users complained about receiving an email demanding them to return Dogecoins (DOGE) that were not part of their accounts, the event escalated into a big uproar. The debate erupted when Elon Musk chastised Binance for its treatment of Dogecoin (DOGE) consumers, claiming that users should not suffer as a result of Binance’s error.

Binance CEO Changpeng Zhao countered with the link of a news story referring to a Tesla system failure that resulted in thousands of cars being recalled.

Nonetheless, Changpeng Zhao and Elon Musk appeared to have buried the hatchet later where Musk stated that he just spoke on behalf of users. Changpeng Zhao also stated that he was triggered by the word shady and overreacted a bit. This truce did not stop Musk from once again advising caution for platforms that are centralized. 

To address the issue with Dogecoin (DOGE), Binance built a brand new Dogecoin (DOGE) wallet. In addressing the “shady” comment, Binance commented “It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE hodlers. 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.”

The testing of the new wallet began on Saturday, November 27. 

Also read: What Happened to the Accidental $3.6 Million Transfer from User to ConstitutionDAO?

Also read:

Related News

Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »
As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD).

Withdrawal Resumption Plan Is Not Moving Forward, CoinFLEX Backs Down

Withdrawals will not be resumed as anticipated, following a halt last week, CoinFLEX announced. As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD). After the token sale is completely carried out, CoinFLEX will disclose the process for permitting withdrawals, stated CEO Mark Lamb. “Extreme market conditions and continued uncertainty involving a counterparty” led CoinFLEX to hit a pause

Read More »
Just recently, the company had to reduce over 1% of its global workforce, making Coinbase vulnerable to the current market crash.

Coinbase Looking to Expand In Other Countries

Following the layoffs and rescinding of employment offers, the cryptocurrency exchange Coinbase intends to grow deeper into Europe. The intentions to register in nations such as Italy, Spain, France, and the Netherlands, were announced by Nana Murugesan, vice president of the California-based crypto exchange. Countries such as Germany, Ireland, the United Kingdom, and even Switzerland, where the first employee was hired recently, already have Coinbase as a licensed crypto exchange.

Read More »

My Coins

$ 19,067.670.85%
$ 1,052.530.08%
$ 0.4481710.17%
$ 1.000.04%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: