The head of the cryptocurrency exchange also joined the discussion on Twitter

​Binance has explained customers’ problems with Dogecoin after the Musk's tweet

24.11.2021 - 10:35


3 min

What’s new? Tesla CEO Elon Musk tweeted that the glitch with old Dogecoin (DOGE) transactions at cryptocurrency exchange Binance looks suspicious. He asked Changpeng Zhao, the platform head, personally about the cause of the incident and its solution.

“Hey Changpeng Zhao, what’s going on with your Dogecoin customers? Sounds shady,” Musk wrote.

What did Binance respond? The representatives of the cryptocurrency exchange first responded to Musk's question. They stated that the platform is now solving the problem with the withdrawal of customers’ funds affected by the glitch. However, this will take about another week. According to the Binance staff, the reason for the glitch lies in the technical configuration of the wallet for DOGE.

In response to Binance's official statement, Musk pointed out that DOGE holders using the platform should be protected against such errors.

How did the head of Binance react? Following Musk's comment, Changpeng Zhao joined the discussion. He noted that Tesla also has software failures. And they also threaten the security of the electric car manufacturer's customers.

How did events develop? On November 10, because of a software update glitch, Binance re-attempted an unknown number of user DOGE transactions from several years ago. On November 11, the platform temporarily disabled the altcoin withdrawals until the technical issues are resolved. It is still unavailable.

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