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.
Elon, we are pretty certain it is an issue with the latest #doge wallet. We are in communications with the devs. Apologies for any inconvenience that may have caused you.
What happened here? 👀https://t.co/g2J50zqbEu
— CZ 🔶 Binance (@cz_binance) November 23, 2021
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.
Appreciate it.🙏 I over reacted a bit due to the word “shady”. The KYC part is tedious, and we can’t service US users. You could try https://t.co/hSHrrlWIfF though. Still a tedious sign up process, but have #Doge.🐕 We are working with their team to fix the issue ASAP. 🙏
— CZ 🔶 Binance (@cz_binance) November 23, 2021
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?