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November 25, 2021

Binance and Billionaire, hash it out over Dogecoin Issues

Elon Musk, the richest person in the world, addresses Binance to pay attention to problematic Dogecoin issues.

One of the world’s most beloved social media platforms, Twitter has seen some interesting tweets recently. Of course, this is not the first time prominent users have decided to use it as a sounding board or podium, we generally expect to see breaking news on such platforms anyway. So true to what we have come to expect, we have seen this discourse once again. This time it’s between Elon Musk and Binance over Dogecoin (DOGE).

When a Fan is Not Happy

Dogecoin is a cryptocurrency that is favored by Elon Musk. He happens to be quite a fan of it. However, recently, he took to Twitter to lament his concern about continuous hiccups with Dogecoin withdrawals on Binance. Musk took to Twitter and asked in a tweet what was going on with Dogecoin customers. He added that it sounded shady. He also directed the tweet to Changpeng Zhao, the CEO of Binance.

What Binance Had to say

A response from Binance’s official Twitter account followed about some minutes later. This response stressed that there was nothing for anyone to worry about and that nothing was shady. The tweet cited a new tweet that addressed the issue. Binance said that the main problem was technical in nature. This problem, they said, emanated from a recent upgrade process. This upgrade erroneously caused outdated transactions to be resent to 1,674 of their users.

Binance added that ultimately Binance noted that some of its users not only received old transactions but other users were unable to take out Dogecoin. The official account added that it requested that those users that received old transactions return them. They stated that they were also aware that some users were still experiencing challenges accessing their e-wallets.

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Binance’s Plan for Dogecoin Functionality

With this issue, Binance added that the technical glitch only occurred on Binance. They stated that the platform has a unique wallet functionality setup for Dogecoin. However, they specified that for them to rectify the issue, they will need to re-engineer the e-wallet. They stated that this will take them approximately a week.

The Billionaire’s Response

Clearly having become aware of Binance’s response, Musk responded by tweeting, still with clear dissatisfaction. Musk said that currency holders opting to use Binance should be shielded from such issues that are not their fault. He also took the opportunity to cite a thread by Dogecoin Developers, illustrating that the problem wasn’t new but rather had been around for “…over a year…”.

In Defense of Binance

Zhao, the CEO of Binance responded by joining the thread and stating that the problem is connected to the “latest Doge wallet”. He added that Binance was in a dialog with the developers to solve the problem. He also took the opportunity to defend his company by Musk’s scathing remarks by referring to an issue that Tesla experienced earlier this year. In October, it was reported by the Guardian that Tesla experienced a glitch. This glitch forced Tesla to recall approximately 12,000 vehicles in the United States. The matter was such a concern that Tesla was forced to cancel the FSD update on vehicles to address this arising matter.

Zhao must have felt the need to defend his business ferociously because he followed his response up with a statement mimicking Musk when Musk was being somewhat bullied into donating US$6 Billion by David Beasley, the director of the UN’s World Food Programme. Binance’s CEO, like Musk questioned the UN World Food Programme director asked, “What happened here?”

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Only time will tell how this conversation and emerging events surrounding Dogecoin will affect Binance or Dogecoin itself.