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Binance Rebuilding DOGE Wallet to Deal With User Account Freeze
The incident led to Elon Musk starting a Twitter war with the exchange.
Updated May 11, 2023, 4:27 p.m. Published Nov 23, 2021, 8:54 p.m.
Binance is trying to rebuild its wallet to deal with a technical issue that resulted in numerous erroneous dogecoin transactions and user accounts being frozen.
- Users previously told CoinDesk that their accounts were frozen by the exchange until they returned the DOGE, which was incorrectly transferred, back to the exchange.
- Some users told CoinDesk their accounts had been unblocked over the past few days, and some said that they can use their funds for the other cryptocurrencies stored on their Binance wallet.
- The largest crypto exchange in the world said on Tuesday that it is rebuilding its wallet from scratch to tackle the issue, which was caused by a recent software upgrade.
- Binance uses a different setup than other platforms for DOGE, which is what lead to the issue, the exchange said. The issue caused old transactions to be resent to 1,674 users, the company said.
- The incident caught the attention of Tesla CEO Elon Musk.
Hey @cz_binance, what’s going on with your Doge customers? Sounds shady.
— Elon Musk (@elonmusk) November 23, 2021
STORY CONTINUES BELOW
- Musk asked Binance CEO Changpeng “CZ” Zhao to say that the DOGE issue “sounds shady.”
- Binance responded that it was “not shady - just frustrating,” adding details about the fix.
- Later Zhao clapped back; he apologized to Musk for any inconvenience cause to him and posted an article from the Guardian on Tesla recalling 12,000 cars, asking, “What happened here?”
Read more: DOGE Users Seethe Over Binance’s 2-Week Withdrawal Freeze
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