Binance, one of the world’s largest cryptocurrency exchanges by daily trading volume, has resumed withdrawals of Dogecoin (DOGE) funds following a system crash caused by the DOGE wallet update.
On Monday, the exchange officially announced the resumption of DOGE withdrawals after a major issue where Binance users were unable to withdraw Dogecoin in 17 days.
In addition, 1,634 Binance users were sent to older transactions due to a conflict between multiple versions of the DOGE wallet. This was due to “a combination of unexpected factors” and ultimately affected only Binance. book exchange:
In short, if 1) your platform chooses DOGE back in 2019, as per version 1.14.0 2) wallet pending 3) you update your wallet to version 1.14.2 4) it will update to version 1.14.5.” Ha . Issue. ”
“Unfortunately for Binance, we inadvertently inserted all of the above parameters into the needle, resulting in a resending of coins and the need to create a new wallet,” the announcement said.
Binance stressed that “no organization is responsible” as neither Binance nor the DOGE Network were aware of the issue.
The decision came after Tesla CEO Elon Musk addressed the matter on Twitter on Tuesday, stating that the issue of withdrawing funds from DOGE to Binance was “doubtful.” Changpeng Zhao, Chairman of Binance’s Board of Directors, immediately stated that the issue was related to the latest update of the DOGE Wallet.
On the topic: Ripple CEO Slams Dogecoin for ‘Inflation Dynamics’
Dogecoin is a meme-based cryptocurrency that has grown in popularity since Musk started actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th largest cryptocurrency with a market capitalization of $27 billion. According to CoinGecko, the price of DOGE has fallen recently, with Dogecoin dropping more than 22% in the last 14 days.
