Binance's Dogecoin problem is 'shady' says Elon Musk

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A self-proclaimed "Dogefather," Tesla CEO Elon Musk defended Dogecoin investors yet again on Twitter. He and Binance CEO Changpeng Zhao got into a Twitter spat over dogecoin withdrawal issues on the popular cryptocurrency exchange.
In a tweet Tuesday, Elon
Musk said Binance's handling of its dogecoin glitch was "shady."
There was a glitch after a network update that caused Binance to suspend
dogecoin withdrawals.
According to the crypto
exchange, withdrawals will resume once the issue has been sorted out, but the
suspension could last until November 29.
Additionally, Binance
states that it is working on the issue and clarifies it is "not
shady." It admits that users are upset that they are unable to withdraw
their DOGE coins, but assures that it will provide round-the-clock support to
users.
The platform explained in a
tweet that the problem is due to a technical issue that occurred during the
recent upgrade process. Dogecoin developers say they are working to fix the
problem.
Apparently, the Tesla CEO
isn't a Binance user, and he's just voicing his concerns on behalf of other
users.
“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.”
The issue appears to be
unique to Binance, due to its different technical wallet, which must be fully
rebuilt.
Crypto investors are more
likely to face these kinds of problems. Cryptocurrency investing has grown so
fast that exchanges sometimes struggle to keep up, from exchange outages to a
variety of technical glitches.

Pavan A
CBW - External Analyst
INDIA