Breaking: Binance Reveals It’s Rebuilding the Dogecoin (DOGE) Wallet Entirely After Heavy Backlash
Binance has revealed it is rebuilding its Dogecoin (DOGE) wallet from scratch after a recent upgrade glitch has resulted in heavy controversy for the exchange. Binance is facing a lot of heat for mishandling of the DOGE wallet issue.
BINANCE- HAVE TO REBUILD DOGE WALLET ENTIRELY, WHICH IS CAUSING A DELAY THAT CO EXPECT MAY LAST ANOTHER WEEK OR SO
— *Walter Bloomberg (@DeItaone) November 23, 2021
Binance, the world’s largest crypto exchange by trading volume has found itself in hot waters again, but not for regulatory reasons. The issue arose nearly a week ago when Binance upgraded the Dogecoin (DOGE) wallet on its platform. A glitch in the upgrade led to the execution of year-old transactions stuck in the system due to low fees.
Dogecoin holders on Binance later revealed that the exchange executed transactions from their account without their consent and now demanding it back from them even though there is no DOGE in their accounts. The exchange has also reportedly threatened to suspend and freeze withdrawals for these users. This caught the eye of Dogefather Elon Musk himself who called out Changepeng Zhao and Binance for their shady handling of the issue.
Hey @cz_binance, what’s going on with your Doge customers? Sounds shady.
— Elon Musk (@elonmusk) November 23, 2021
Binance responded to Musk’s tweet trying to explain the issue and how they are handling it. However, Musk dismissed their response claiming the error on the exchange’s part should not incur losses for the customers.
Doge holders using Binance should be protected from errors that are not their fault
— Elon Musk (@elonmusk) November 23, 2021
Binance CEO Claps Back at Elon Musk
After Musk’s response to Binance’s official Twitter handles, Changpeng Zhao decided to take matters into his hand and responded to Musk’s “shady” tweet with a headline from The Guardian about Tesla’s recall of 12,000 vehicles caused by a communication glitch. Zhao wrote,
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 this may have caused you. What happened here?
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
The exchange is not new to controversies, however, a majority of these were mostly around regulations and compliance. The exchange has sought another couple of weeks to resolve the issue completely.
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown
- FLOKI Makes History With First ETP in Europe as Price Surges 30%
- BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert
- Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
