The Inside Story on DOGE withdrawals
Here at Binance, we always strive to keep things running smoothly. This means we take every step to ensure you always have access to your funds, that you can execute trades quickly, and make deposits and withdrawals without encountering any issues or slowdowns. That's one of the biggest reasons why Binance has become the ecosystem of choice for millions of users around the world.
However, there are times when users report issues or slowdowns. This is something that every platform faces on occasion. When that happens, it can take some time to locate, diagnose and fix the issue.
We'd like to take this opportunity to share some more details around a recent issue that Dogecoin Core maintainers and Binance experienced during the DOGE wallet upgrade.
What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days. In addition, 1634 users were sent old transactions. You may have heard the news, thanks to some friends on Twitter. Hi Elon. Hey CZ.
So what happened? Here are the facts, no shade intended:
The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance.
In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0; 2) had transactions stuck in the wallet; 3) had upgraded the wallet to v1.14.2; 4) AND then updated to v1.14.5 - you can have an issue.
Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.
It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE hodlers. If we at Dogecoin Core maintainers and Binance had tried to plan this, we simply would not have been able to — not quite the shady circumstances that some had suggested.
No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue. So rest assured, as CZ said - no one’s getting fired.
Here at Binance, and the Dogecoin Core maintainers, we worked together to diagnose, solve, and prevent similar issues from occurring. On Saturday (November 27), we tested everything by opening up withdrawals again, but we did it silently to ensure there were no further issues, and now we’re pleased to announce that from today withdrawals are fully open again.
Thank you for your support and patience
Binance and Dogecoin Core maintainers