Crypto exchange Binance has now enabled withdrawals of Dogecoin [DOGE] after a technical malfunction that instigated a series of online spats between Elon Musk and the trading platform’s chief executive officer [CEO] Changpeng Zhao. As a result of the glitch, users were not able to withdraw the coin for several days due to an issue arising out of the upgrade process in the network.
Following which Tesla CEO Elon Musk sent a tweet to the chief exec Changpeng Zhao on Twitter after the trading platform limited withdrawals of the dogecoin. Musk expressed suspicion over the entire situation and even went on to term the error as ‘shady’. In response to that, the world’s largest crypto exchange stated that the glitch was ‘an unlikely and unfortunate coincidence’ and ‘not quite the shady circumstances that some had suggested.’
As per the official explanation by Binance, an upgrade in the DOGE network on November 10 this year appeared to have interfered with the network withdrawals. A ‘very small number of users were affected, it said, clarifying that ‘some previously failed Dogecoin withdrawal transactions got resent after the update, and the exchange was requesting those users to return the assets.’
In addition to that, Binance had said that it would revamp the dogecoin wallet which further delayed the withdrawals process for another week. While the official Binance handle stuck to its formal statement, the firm’s CEO Changpeng a.k.a CZ Zhao responded with a link to a story on Tesla when it recalled nearly 12,000 cars due to a software glitch, four weeks ago.
Elon Musk’s advice for Dogecoin Holders
SpaceX pioneer Elon Musk shared his opinion with regards to the growing dependence on the centralized exchanges and believes that individuals investing in the meme-coin, should acquire the custody of their private keys, and abandon exchanges like Binance and Robinhood as it goes against the primary nature of the decentralization architecture.
Replying to a tweet by Bill Lee, a prominent investor in Musk’s ventures, he endorsed the idea that ”until the wallet keys are in the user’s possession, they should not consider the holdings as their own”.