Binance to rebuild DOGE wallets in an attempt to tackle account freeze issues
Binance recently found itself in a bit of trouble after Dogecoin holders found themselves in the grasp of the world's biggest crypto exchange's technical glitch. The platform is looking to rebuild DOGE wallets after the recent technical issues that caused trouble to multiple users.
What happened?
Recently, a number of users on Binance complained about unauthorized transactions on the platform, which led to their accounts being frozen. There were many users who claimed that the crypto exchange asked the users to transfer the DOGE they hold in their wallets back to the platform.However, some users said that they didn't have any DOGE with them, while others complained that their accounts were filled with Dogecoins. The platform discontinued withdrawals of DOGE on the platform and asked the users to return the coins.
The Dogecoin developers took to Twitter to explain the situation, saying that was the reason for this event. According to the developers, the recent upgrade in the Dogecoin network was the reason for these sudden transactions. Binance had a number of stuck Dogecoin transactions that the platform was unable to process.
This was due to the high network fees at that time. After the recent upgrade of the DOGE core, the transaction fees were dropped to 0.01 DOGE/kb. Such a low fee caused the initiation of all the transactions on the Binance crypto exchange.
"We instructed Binance to use the inputs to the stuck transactions to force them to be invalidated by the replacement transactions. We were not notified as to whether or not they followed these instructions," said the developers.
Binance rebuilding Doge wallets
According to the recent turn of events, Binance is now rebuilding DOGE wallets in order to tackle the issue and reinstate the frozen accounts of investors. Furthermore, the number of users affected was 1,674, and now, the platform seeks to tackle the technical issue.The incident caught the attention of the "Dogefather," who called out the CEO in a recent tweet, asking what is happening with the DOGE investors on the platform.
"Hey, @cz_binance, what's going on with your Doge customers? Sounds shady," said Musk in the tweet.
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