Elon Musk, the richest man on earth and a well-known Dogecoin (DOGE) proponent has come out in defense of the community against Binance. The global crypto exchange recently put a 2-week withdrawal freeze for the meme currency after a software glitch in the exchange platform executed a large number of Doge transactions from a year ago.
Musk has lashed out at the CEO of the world’s largest exchange, calling his Dogecoin customer handling shady. The shady dealing Musk is referring to is related to several Binance users who have claimed that the exchange initiated several DOGE transactions from their account without their consent and now the exchange is asking for those Dogecoins which are not reflected in the user’s accounts.
Hey @cz_binance, what’s going on with your Doge customers? Sounds shady.
— Elon Musk (@elonmusk) November 23, 2021
Binance’s official Twitter account responded to the allegations from Musk and attached a thread detailing the issue with Dogecoin transactions. However, Musk dismissed it saying the customers should not suffer because of the mistakes of the exchange.
Doge holders using Binance should be protected from errors that are not their fault
— Elon Musk (@elonmusk) November 23, 2021
Many customers have claimed to receive an email from the exchange which threatens to suspend the withdrawal function if the user doesn’t return the said amount of DOGE. Dogecoin developers reportedly reached out to Binance to resolve the issue and claimed the glitch triggered old transactions from years ago that were stuck due to low fees. Doge Developers took to Twitter to explain the whole issue in a tweet series and explained that the exchange was contacted months ago for the fix.
Providing some clarification the Binance situation: 1) A bit over a year ago, Binance notified us that they had stuck transactions. We were not shown these transactions, but it was suggested that they were 'stuck' due to insufficient fees…
— Dogecoin Developers (@dogecoin_devs) November 11, 2021
Earlier, Peter Brandt, the veteran trader had a similar response to one of Changpeng Zhao’s tweets where he accused the crypto platform of unethical practices as well. When one of the users enquired about Brandt’s uncharacteristic response to a harmless tweet, he said what Binance was doing with its customers on the platform, people would have been jailed for it. He explained,
“Actually was in Corn pit. Well aware of the abuses of the auction markets. But my gripe vs. crypto exchanges goes far deeper than bad fills – it deals with trading against customer orders way outside the daily range and not reporting the price discovery. We’d have been jailed”
Given how you abuse your customers it is surprising you sleep at all
— Peter Brandt (@PeterLBrandt) November 22, 2021
Dogecoin Trades in Green as Binance Lands Into Another Controversy
Musk is also known as Dogefather for his unconditional love and support for meme currency and today’s tweet calling out Binance’s wrongdoing against DOGE customers helped the meme currency trade in green after nearly a week of the bearish downturn.
DOGE was trading at $0.234 with a 5% surge in price over the last 24-hours. The meme currency was trading at $0.2157 when Musk posted his tweet, and the price bounced within minutes to trade in the green.
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