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Binance Rebuilding DOGE Wallet to Deal With User Account Freeze

The incident led to Elon Musk starting a Twitter war with the exchange.

By Eliza Gkritsi, Anna Baydakova
AccessTimeIconNov 23, 2021 at 8:54 p.m. UTC
Updated May 11, 2023 at 4:27 p.m. UTC
(Minh Pham/Unsplash)
(Minh Pham/Unsplash)
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Binance is trying to rebuild its wallet to deal with a technical issue that resulted in numerous erroneous dogecoin transactions and user accounts being frozen.

  • Users previously told CoinDesk that their accounts were frozen by the exchange until they returned the DOGE, which was incorrectly transferred, back to the exchange.
  • Some users told CoinDesk their accounts had been unblocked over the past few days, and some said that they can use their funds for the other cryptocurrencies stored on their Binance wallet.
  • The largest crypto exchange in the world said on Tuesday that it is rebuilding its wallet from scratch to tackle the issue, which was caused by a recent software upgrade.
  • Binance uses a different setup than other platforms for DOGE, which is what lead to the issue, the exchange said. The issue caused old transactions to be resent to 1,674 users, the company said.
  • The incident caught the attention of Tesla CEO Elon Musk.
  • Musk asked Binance CEO Changpeng “CZ” Zhao to say that the DOGE issue “sounds shady.”
  • Binance responded that it was “not shady - just frustrating,” adding details about the fix.
  • Later Zhao clapped back; he apologized to Musk for any inconvenience cause to him and posted an article from the Guardian on Tesla recalling 12,000 cars, asking, “What happened here?”
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Read more: DOGE Users Seethe Over Binance’s 2-Week Withdrawal Freeze

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter
Anna Baydakova
Anna Baydakova

Anna Baydakova was CoinDesk's investigative reporter with a special focus on Eastern Europe and Russia. Anna owns BTC and an NFT.

Follow @baidakova on Twitter

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