Bitcoin News and Finance
Elon Musk Calls Binance’s Dogecoin Problem ‘Shady’ — Says He’s Raising the Issue on Behalf of Other DOGE Holders Skip to main content

Elon Musk Calls Binance’s Dogecoin Problem ‘Shady’ — Says He’s Raising the Issue on Behalf of Other DOGE Holders

Elon Musk Calls Binance's Dogecoin Problem 'Shady' — Says He's Raising the Issue 'on Behalf of Other DOGE Holders'

Tesla and Spacex CEO Elon Musk has raised concerns with cryptocurrency exchange Binance about its dogecoin issue. Musk calls the situation “shady,” adding that “DOGE holders using Binance should be protected from errors that are not their fault.” Both Binance CEO Changpeng Zhao and the official Twitter account for the crypto exchange responded.

Elon Musk Raises Issue on Behalf of Other Dogecoin Holders

Tesla CEO Elon Musk has raised concerns on behalf of dogecoin holders regarding the recent DOGE problem at cryptocurrency exchange Binance. The issue resulted in numerous erroneous dogecoin transactions with some users reporting that their accounts were frozen.

Musk, who is sometimes known as the Dogefather, asked Binance CEO Changpeng Zhao (CZ), “What’s going on with your Doge customers?” He added, “Sounds shady.” His tweet gained much attention. At the time of writing, it has received 4.5K comments and liked 24.1K times.

Elon Musk Calls Binance's Dogecoin Problem 'Shady' — Says He's Raising the Issue on Behalf of Other DOGE Holders

Both Zhao and the official Twitter account for Binance replied to the Tesla boss.

The Binance account disagreed with Musk about the situation being shady. “No, not shady — just frustrating and we’re working on it,” the exchange’s official account wrote, pointing the Spacex CEO to another thread with a detailed explanation of the situation it previously posted.

“The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users,” Binance explained, clarifying that the issue occurred on Binance and not on other crypto trading platforms “because we have a different technical wallet setup for DOGE.” The exchange added:

We have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so.

While acknowledging that “users who received old transactions” and “users who cannot withdraw DOGE are upset,” Binance requested: “We’ve kindly asked those that receive the old transactions to return them, but we’re aware that select users are having trouble accessing some of the wallets.”

However, Musk argued that dogecoin holders using Binance “should be protected from errors that are not their fault.” He proceeded to point to a thread by Dogecoin Developers explaining the situation.

Elon Musk Calls Binance's Dogecoin Problem 'Shady' — Says He's Raising the Issue on Behalf of Other DOGE Holders

The CEO of Binance soon joined the discussion. He told Musk that his team is “pretty certain” the problem is “an issue with the latest DOGE wallet,” adding that Binance is in communication with the Dogecoin devs. Zhao then apologized to Musk for any inconvenience the problem may have caused him. He ended his tweet asking Musk about the time when Tesla had a software glitch that prompted a recall of 12,000 vehicles. “What happened here?” he wrote.

Elon Musk Calls Binance's Dogecoin Problem 'Shady' — Says He's Raising the Issue on Behalf of Other DOGE Holders

Musk replied:

I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other DOGE holders.

“Appreciate it,” Zhao responded. “I overreacted a bit due to the word ‘shady,’” he admitted.

“The KYC part is tedious, and we can’t service U.S. users. You could try Binance.us though,” CZ tried to convince Musk. “Still a tedious signup process, but have DOGE. We are working with their team to fix the issue ASAP.” Musk simply responded with “Sounds good.”

Musk also commented on a thread about centralized crypto exchanges, like Binance and Robinhood, taking custody of people’s cryptocurrencies. Replying to a tweet stating, “Not your keys, not your crypto,” Musk wrote: “Exactly.”

The Tesla CEO previously said that he owns three kinds of cryptocurrencies: bitcoin (BTC), ether (ETH), and dogecoin (DOGE). He also confirmed that he does not own any doge rival meme cryptocurrency shiba inu (SHIB). In October, he said the real reason he supports dogecoin is because “it felt like the people’s crypto.”

What do you think about Elon Musk raising concerns on behalf of dogecoin holders with Binance? And, what do you think about Binance’s responses? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory