Breaking: Binance Reveals It’s Rebuilding the Dogecoin (DOGE) Wallet Entirely After Heavy Backlash

By Prashant Jha
Published November 23, 2021 Updated November 23, 2021
Best Buy In

DeFi Platform

Exchanges

Wallet

Binance has finally resumed all transaction withdrawals on its platform.

Breaking: Binance Reveals It’s Rebuilding the Dogecoin (DOGE) Wallet Entirely After Heavy Backlash

By Prashant Jha
Published November 23, 2021 Updated November 23, 2021

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, 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.

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.

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?

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.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1180 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Loading Next Story