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Nov 25, 2021
Elon Musk Labels Binance's Dogecoin Issue "Shady"
Elon Musk, the CEO of Tesla and SpaceX, has expressed worry to cryptocurrency exchange Binance over the dogecoin issue. "DOGE holders utilizing Binance should be safeguarded from problems that are not their responsibility," Musk says, calling the scenario "shady." Binance CEO Changpeng Zhao and the crypto exchange's official Twitter account both reacted.
Musk has expressed concern on behalf of dogecoin investors following the current DOGE issue at cryptocurrency exchange Binance. There were multiple erroneous dogecoin transactions as a result of the problem, with some users reporting that their accounts were locked.
"What's going on with your Doge customers?" Musk, also known as the Dogefather, asked Binance CEO Changpeng Zhao (CZ). "Sounds dodgy," he added. Zhao and Binance's official Twitter account both responded to Tesla's CEO.
The Binance account disputed Musk's claim that the scenario was murky. "No, not sinister - simply annoying, and we're working on it," the exchange's official account said, directing the Spacex CEO to another thread where the matter was previously explained in detail.
"The root cause is a technical issue that occurred during the recent upgrade process, causing old transactions to be resent to 1,674 users," Binance explained, adding that the problem only affected Binance and not other crypto trading platforms "because we have a different technical wallet setup for DOGE."
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Trishla is a crypto writer and social media aficionado. She has substantial experience in covering updates, events, and news related to the crypto space, along with rapidly expanding blockchain and financial technology markets. Her experience in the cryptocurrency market has led her to become a crypto hodler herself.