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Elon Musk confronts Binance over Dogecoin withdrawal issues

Dogecoin

TL;DR Breakdown:

  • Elon Musk tweets asking Binance CEO about Dogecoin withdrawal issues on the platform. 
  • Binance initiated DOGE transactions for 1,674 users without their consent. 
  • The platform is rebuilding the entire Dogecoin wallet to resolve this issue. 

Elon Musk, the richest man in the world has confronted Binance CEO on Twitter regarding Dogecoin customer handling. The Tesla CEO is a well-known advocate of the meme coin. 

The incident happened on a Twitter thread of CoinDesk, where the popular crypto news platform posted about a recent interview of Binance CEO Changpeng Zhao (CZ). Elon Musk replied to that tweet and tagged CZ, asking him about DOGE customer issues on the Binance exchange platform. Musk also mentioned that this incident sounded somewhat ‘Shady’. 

The tweet is referring to an incident faced by several Binance users on the platform earlier this week. Dogecoin holders have claimed that Binance initiated multiple DOGE transactions from their accounts without their consent. 

Dogecoin

Binance faces heat from angry Dogecoin users 

Elon Musk’s tweet today came as a result of the ongoing customer complaints against Binance regarding the DOGE withdrawal issue. Earlier this month, several users reported that the crypto exchange initiated dogecoin withdrawal from their wallets without any consent or notification. Later Binance blocked those users withdrawal options, asking them to return the dogecoin that they don’t have in their wallets.  

Users posted screenshots on social media showing that Binance suspended their account activities and asked them to pay certain amounts of dogecoins that they never had. The whole incident caused a lot of hassle for the users, some of them even leaving Binance and switching to other crypto exchanges. 

Elon Musk confronts Binance over Dogecoin withdrawal issues 1

Binance said that this issue was caused by a version update on the platform, which triggered old transactions that were stuck on the network because of insufficient fees. Because of this issue, all Dogecoin activities on Binance are now currently suspended until further notice. 

The platform is working with DOGE developers to rebuild the Dogecoin wallet entirely and resolve the issue, which might take another week. Elon Musk further tweeted that DOGE users shouldn’t suffer for the issues caused by the platform. 

Musk’s tweet actually brought a positive sign of relief among the meme coin community. Lately, the Tesla CEO has been rather silent about meme coins, and this show of concern for DOGE users is a sign that Elon Musk is still a significant advocate for the meme coins in the market. 

Mohammad Shahid

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

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