- Binance has published a blog post explaining its recent issues with Dogecoin
- Binance had to halt withdrawals for over two weeks
- The exchange explained how a series of unfortunate events led to withdrawals being temporarily disabled
Binance has published a blog post written in collaboration with Dogecoin developers explaining why Binance’s DOGE withdrawals were suspended for 17 days, a situation that drew the ire of the world’s richest man, Elon Musk. In ‘The Inside Story on DOGE withdrawals’, Binance and the Dogecoin devs explained how “a combination of unlikely factors led to an unforeseen issue” which affected only that particular exchange, with the two entities working together to resolve the “rare” issue and re-open withdrawals.
Binance “Threaded the Needle” of Issues
The Binance blog post explained how a combination of three factors led to issues with DOGE holders withdrawing from Binance:
In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.
Binance said that it “threaded the needle” of all three conditions, which required the building of a new wallet and the re-sending of coins, and denied the “shady circumstances” that some in the cryptocurrency community had said was behind the issue. The choice of this word in particular was down to a tweet from Elon Musk when he discovered that there was an issue with DOGE withdrawals on the platform:
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
Binance says that its developers worked with Dogecoin Core developers to “diagnose, solve, and prevent similar issues from occurring.” With the issue now resolved hopefully the Dogecoin community can get back to what it does best – bagholding and tweeting about the moon.