Elon Musk Scrutinises Binance Over Dogecoin Handling

Elon Musk has recently scrutinised Binance over Dogecoin (DOGE) withdrawals, which were frozen due to an issue that was triggered by a software upgrade. The Tesla CEO has called the situation “shady”. 

Binance replied to Musk’s comments saying, “We are pretty certain it is an issue with the latest doge wallet.” The exchange added that they are currently in communication with developers. Binance CEO, Changpeng Zhao then added a jab of his own, pointing out a recent issue with the Tesla software which reportedly put the lives of 12,000 people in danger. 

Zhao commented, “What happened there?”, hoping to shift the attention to a more critical issue. 

Last week, Binance announced that DOGE network withdrawals will be “suspended for the next 10 to 14 days”, this is due to a minor issue that originated after carrying out a version update. 

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Following Musk’s tweet, Binance updated users on the problem. Binance’s official Twitter account tweeted, “The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.”

The exchange acknowledged the fact that Binance is the only exchange suffering from the issue and explained that Dogecoin developers are currently assisting it to “rebuild the wallet entirely” adding that the process would be long and complex. This is why it may take “another week or so.”

Binance then tweeted an apology, “To the rest of the community, we want to say that we recognize that this is not the standard of technical excellence you expect from us, but we are working our best to fix this issue. Thank you for your ongoing support.”

Elon Musk has continued to defend Dogecoin which has caused it to surge in price. DOGE recently jumped from $0.217 to $0.232 in less than one hour, according to CoinGecko. 

Dogecoin is currently up 6,590% in one year.