Withdrawals of cryptocurrency Dogecoin on Binance resumed fully after a temporary technical glitch that led to a heat exchange between Tesla’s CEO Elon Musk and the exchange chief executive officer.
As per Bloomberg news, traders could not withdraw Dogecoin for more than two weeks because an upgrade in the network led to technical issues. In a statement on Monday, Binance, the world’s largest crypto exchange in terms of daily trading volume, said that the technical glitch was an unfortunate coincidence. It was an unlikely aberration, and not something shady was suggested by some people, and that included Musk.
Last week on Twitter, Musk made a reference on the withdrawal issue terming it as “sounds shady”. In response, Changpeng “CZ” Zhao, the CEO of Binance, posted a link to a story about how Musk’s Tesla recalled nearly 12000 cars due to a software glitch.
According to Zhao, no one was at fault, neither the DOGE network nor Binance. No one had prior knowledge that this kind of rare issue would crop up. Zhao assured no one was getting fired for this incident in a Binance post that linked an earlier update in the past week where Zhao had made that vow.
The cryptocurrency Dogecoin was created by software engineers Billy Markus and Jackson Palmer in 2013; this coin was a meme coin joke to make fun of the wild speculations in cryptocurrency, though later, it was considered a legit investment product. According to CoinGecko pricing, Dogecoin was down by 30% in the past one month to 0.22 USD. It had gained 6000% in the past year on account of bullish trading and its wider acceptance.
