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The richest man in the world, Elon Musk, has criticized Binance over its latest issues regarding withdrawal limits on Dogecoin. Dogecoin is Musk’s favorite cryptocurrency, and this latest admission shows that he is still in support of the meme coin.
The recent remarks by Musk come as Binance, the largest cryptocurrency exchange platform undergoes issues regarding Dogecoin withdrawals. Several users have limits regarding their withdrawals since the Dogecoin network carried out an upgrade on its network.
The CEO of Tesla has now taken to Twitter to join the ongoing battle regarding Dogecoin withdrawals on Binance. Musk is one of the biggest fans of Dogecoin and even recently stated that he would become the world’s first “Dogecoin Trillionaire.”
In his tweet, Musk tagged the CEO of Binance, Changpeng Zhao, stating that,
Binance was quick to respond to Musk’s tweet, in which the platform stated that there was nothing shady regarding DOGE withdrawals. The exchange even referred to an earlier Twitter update regarding the issue of DOGE withdrawals.
Binance stated.
Following this issue, users on Binance have received old transactions that were not processed, while some other users failed to withdraw their Dogecoin. Binance stated that it urged the users who received the old transactions to refund them to the exchange.
Binance stated. Binance also stated that the issue occurred exclusively on the exchange platform because it had a
Binance stated that to fix the issue in question, it will have to rebuild the entire Dogecoin wallet, and this process could take several weeks.
Musk also responded to this response from Binance, stating that
The Dogecoin development team had earlier responded to the issues that Binance was having. The team stated that Binance had contacted them over a year ago regarding the matter of stuck transactions. The Dogecoin developers stated that they gave Binance recommendations to fix the issue, but they were not sure whether the exchange followed through.
The CEO of Binance was also part of this thread, and he confirmed that indeed the issue was caused by the recent upgrades to the Dogecoin wallet. He also added that the exchange was in communication with the Dogecoin development team.
Zhao also took another swipe at Musk, asking him to explain what happened after Tesla recalled around 12,000 vehicles in the US due to software. Citing an article from the Guardian, Tesla was forced to recall its FSD update regarding the issues.
This is not the first time that a trading glitch has happened on the Binance exchange. In September, the exchange suffered a Bitcoin flash crash where the price of the largest cryptocurrency dropped to $8200. However, the exchange stated that the glitch was caused by an issue with the trading algorithm. Flash crashes are common in the crypto sector.