Binance Unveils Inside Details of the Dogecoin (DOGE) Incident

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Binance Unveils Inside Details of the Dogecoin (DOGE) Incident
Blockonomics


The world’s leading cryptocurrency exchange, Binance, has opened up about the entire fiasco that was endured by Dogecoin Core maintainers and the company during the wallet upgrade. In its blog post titled, “The Inside Story on DOGE withdrawals,” Binance revealed what actually transpired and how no one was at fault.

Dogecoin (DOGE) withdrawals Inside Story

It all began as, what Binance describes, a “straight-forward” upgrade. However, users were not able to withdraw their DOGE tokes for 17 days straight. To top that, 1,634 customers were sent old transactions. While detailing facts and clarifying that no shade was intended, the exchange’s post said several unlikely factors resulted in an unforeseen issue that subsequently affected only Binance.

It explained that the “technical issue” led to old transactions being sent back to many users due to a unique wallet arrangement for DOGE.

“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. Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”

According to Binance, the event was nothing short of an unlikely and unfortunate coincidence for all the parties involved. While referring to Musk’s shady remark, the blog post stated that there was no way Dogecoin Core maintainers and Binance would have been able to “plan” this. After “silently” opening withdrawals on November 27th, the platform fully opened the withdrawals starting today again.

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Rival’s take

Elon Musk is a powerful ally of Dogecoin (DOGE), the OG meme coin. Hence, his comments spurred debates and jibs from Binance’s rivals. Huobi, for one, did not hold back. In its blog post last week, the exchange said that Binance’s move of arbitrarily freezing user accounts damaged the user trust. It also stated that this incident would likely push customers to decentralized exchanges (DEXs).

Huobi blamed Binance for the delay in transactions and the loss of hundreds of millions of dollars worth of Dogecoin.

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