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Binance to Rebuild DOGE Wallet After Glitch

The discrepancy in gas fees possibly created all the issues.

Ever since the DOGE update Core 1.14.5 went live, Binance has been having difficulties in processing DOGE transactions.

The update reduced minimum gas fees to 0.01 DOGE per KB (Kilobyte) in the core wallet.

After the update, a number of users were resent previously failed DOGE withdrawal transactions. “We are kindly requesting those users to return the assets”, Binance revealed in a statement.

The transactions were ‘stuck’ possibly due to insufficient gas fees. When the gas fees was reduced, the transactions got processed.

As many as 1,674 users were resent the failed transactions.

That’s why Binance suspended DOGE withdrawals to its native blockchain. “We are kindly requesting those users to return the assets”, Binance revealed.

Since November 15, DOGE withdrawals on the Core Wallet are suspended and will be resolved in 10-14 days, as per a statement from Binance.

Users can withdraw DOGE on other networks though.

World’s richest man, Elon Musk had banter with Binance founder, Changepeng Zhao (CZ) on this issue on Tuesday.

Musk asked CZ about the DOGE wallet glitch.

CZ also teased Musk about Tesla’s software glitch which led to the recall of around 12000 vehicles.

Binance revealed on Tuesday that “DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so.”

The crypto exchange is working with DOGE developers to resolve this issue. It expects to resolve the issue by the end of this month.

Centralized Exchanges (CEX) are not controlled by communities. That’s why when they face any issue, their users may get inconvenienced. That’s why it is recommended to keep the crypto assets in decentralized wallets to keep them secure. If any CEX commits a malicious deed, the ones using decentralized wallets will remain unaffected.

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