October 5, 2022

Elon Musk Defends Binance DOGE Holders, CZ Fires Back

3 min read

Elon Musk has actually safeguarded DOGE holders on Twitter by calling the Binance Dogecoin situation “dubious.” CEO Changpeng Zhao has actually fired back with an action.

Elon Musk Says Binance DOGE Situation Sounds “Shady”

The SpaceX CEO recently posted a tweet asking the crypto exchange’s CEO Changpeng Zhao about what has actually been going on with the platform’s Dogecoin problem. Musk believes that it “sounds shady.”

About a week ago, DOGE wallets on Binance pestered out and old deals were resent to 1,674 users. Ever since, the platform has suspended withdrawals of the memecoin. To Musk’s tweet, Binance replied with “no, not shady – – simply discouraging and we’re working on it.” The firm’s twitter likewise connected a thread discussing the issue.

According to the thread, the current upgrade procedure lagged the problem, and just Binance wallets were impacted since of the way they were established.

The platform has actually now been reconstructing the wallet entirely, with support from the DOGE network. Because of that, the firm anticipates the hold-up to last “another week or so.”

Elon Musk reacted to the platform’s reply with “Doge holders utilizing Binance needs to be protected from mistakes that are not their fault.”

The company’s CEO soon entered into the discussion. CZ stated:

Elon, we are quite certain it is a problem with the latest wallet. We are in communications with the devs. Apologies for any inconvenience that might have triggered you.

In the very same tweet, CZ added a saucy “what happened here?”, connecting to a post discussing about a Tesla software glitch that required the electric car company to withdraw almost 12k lorries.

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Musk then responded “I don’t utilize Binance (tried at one point, however signup was too many hoops to jump through), so no inconvenience to me personally.” He adds “simply raising this issue on behalf of other Doge holders.”

CZ responded with “appreciate it.” Also, the CEO admitted that he “over reacted a bit due to the word “shady”.” CZ recommended Musk to attempt Binance.US.

“Still a tedious register procedure, however have Doge. We are dealing with their team to fix the issue ASAP,” notes the Binance CEO.

Associated Reading|Elon Musk To Sell 10% Of His Tesla Stocks To Buy Bitcoin? Community Speculates

Lastly, Must ended the discussion by responding with a “sounds good.” At the moment, the problem with Dogecoin withdrawals has still not been solved.

Dogecoin Price

At the time of composing, DOGE’s cost drifts around $0.22 k, down 5% in the last seven days. Below is a chart that shows the pattern in the cost of the memecoin over the previous five days.

Dogecoin DOGE Price Chart

 DOGE's cost has actually continued to slip down in the previous few days|Source: DOGEUSD on TradingView
Featured image from Unspash.com, chart TradingView.com