A quick 3min read about today's crypto news!
Tesla and SpaceX CEO Elon Musk has scrutinized major crypto exchange Binance over dogecoin (DOGE) withdrawals, which are frozen due to a technical issue triggered by a software upgrade - calling the situation "shady."
"We are pretty certain it is an issue with the latest doge wallet," replied Binance CEO Changpeng Zhao (CZ), adding that they are in communications with developers.
However, to this explanation, CZ added a jab of his own - he pointed to a recent issue with Tesla software, which reportedly puts the lives of 12,000 people in danger. "What happened here?" CZ said, arguably shifting the attention to a much more critical issue.
Binance announced last week that DOGE network withdrawals will "be suspended for the next 10 to 14 days" due to a minor issue that originated after carrying out a version update.
Following the tweet by Elon Musk, Binance's official Twitter account updated users on the problem. "The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users," Binance tweeted.
Acknowledging that Binance is the sole entity suffering from the issue, the exchange said that Dogecoin developers are assisting it to "rebuild the wallet entirely," adding that it would be a long and complex process, which is why it may take "another week or so."
Meanwhile, as Elon Musk endorsed and “defended” Dogecoin, the meme coin pumped in price. At around 9:40 UTC, DOGE jumped from around USD 0.217 to USD 0.232 in less than an hour, according to data by CoinGecko.
At 12:23 UTC, the 10th coin by market capitalization is trading at around USD 0.223 per coin. It's unchanged in a day and is down 13.2% in a week. It's also down 11% in a month and up 6,590% in a year.
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