Binance Rebuilds Its Dogecoin Wallet Setup To Resume DOGE Withdrawals

The ongoing saga between Binance and Dogecoin enters a new hapeter. After freezing DOGE withdrawals for the foreseeable future, the exchange is now rebuilding its DOGE wallet infrastructure. An intriguing development that seems fueled by Elon Musk criticizing the trading platform. 

The Binance And Dogecoin Saga Continues

  • Binance has suspended Dogecoin withdrawals several days ago following an issue.
  • While it affects only a few users, the company wants to rectify erroneous transactions first and foremost.
  • Some users received DOGE balances that aren’t theirs to keep, forcing the exchange to suspend various user accounts’ withdrawal functionality. 
  • The affected users were asked to return the DOGE funds to the exchange.
  • It is unclear whether that happened, despite several users having their accounts unfrozen again.
  • Behind the scenes, Binance continues to rebuild its DOGE wallet from scratch to ensure the recent software upgrade “bug” doesn’t occur again.
  • Binance’s setup for Dogecoin is different from other platforms, for reasons unknown.
  • Elon Musk, CEO of Tesla, decided to go after Binance CEO Changpeng Zhao over these withdrawals issues.

  • The Binance CEO had a very minor Twitter war with Elon Musk involving an article over 12,0000 recalled Tesla cars.
  • For now, the issue remains unresolved, as it is unclear how long it will take Binance to rebuild its wallet. 
  • The DOGE price shows minor signs of recovery following a recent bearish period affecting all crypto markets. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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