Binance's Dogecoin problem is 'shady' says Elon Musk
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.
CBW - External Analyst