• Binance has revealed that it is completely rebuilding the Dogecoin (DOGE) wallet following widespread criticism

  • Binance has revealed that it is rebuilding its Dogecoin (DOGE) wallet from the ground up following a recent upgrade glitch that caused significant controversy for the exchange. Binance has taken a lot of heat for how it handled the DOGE wallet issue.

    Binance, the world’s largest cryptocurrency exchange by trading volume, has found itself in hot water once more, but this time for non-regulatory reasons. The problem arose nearly a week ago when Binance upgraded its Dogecoin (DOGE) wallet. A bug in the upgrade resulted in the execution of year-old transactions that had become stuck in the system due to low fees.

    Dogecoin holders on Binance later revealed that the exchange executed transactions from their accounts without their consent and is now demanding their money back, despite the fact that they have no DOGE in their accounts. According to reports, the exchange has threatened to suspend and freeze withdrawals for these users. This piqued the interest of Dogefather Elon Musk, who chastised Changepeng Zhao and Binance for their shady handling of the situation.

    Binance responded to Musk’s tweet, attempting to explain the problem and how they are dealing with it. Musk, on the other hand, dismissed their response, claiming that the exchange’s error should not result in customer losses.

    Binance CEO Responds to Elon Musk

    Changpeng Zhao decided to take matters into his own hands after Musk’s response to Binance’s official Twitter handles, and responded to Musk’s “shady” tweet with a headline from The Guardian about Tesla’s recall of 12,000 vehicles due to a communication glitch. Zhao stated,

    We’re pretty sure it’s a problem with the latest #doge wallet, Elon. We are in contact with the developers. Please accept our apologies for any inconvenience this has caused you. What exactly happened here?

    The exchange is not without controversy; however, the majority of these have centered on regulations and compliance. The exchange has requested another couple of weeks to fully resolve the issue.

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