We at Binance are constantly working to ensure that everything runs smoothly. The result is that you will always have access to your funds, may execute trades swiftly, and make deposits and withdrawals without encountering any hassles or slowdowns as a result of our efforts. That is one of the primary reasons why Binance has emerged as the cryptocurrency ecosystem of choice for millions of consumers all around the globe.
Users, on the other hand, have reported difficulties and slowdowns on occasion. This is a problem that every platform has to deal with from time to time. The time it takes to discover, diagnose, and resolve the problem increases in this situation.
The Dogecoin Core maintainers and Binance experienced a recent issue during the DOGE wallet upgrade, which we'd want to take this occasion to offer some additional details about.
What started off as a very routine upgrade evolved into a problem, with Binance customers unable to withdraw DOGE over the last 17 days due to the upgrade. In addition, 1634 people received previous transactions in their inboxes. It's possible that you've heard about it through some of your Twitter friends. Hello, Elon. Hello, CZ.
So, what exactly happened? Here are the facts, with no sneering implied:
The reality is that a confluence of unusual events resulted in an unexpected problem that ultimately only affected the cryptocurrency exchange Binance.
In a short, if your platform listed DOGE on version 1.14.0 as early as 2019; then had transactions stuck in the wallet; and had upgraded the wallet to version 1.14.2, then updated to version 1.14.5, it's possible that things are not going well for you.
Because we had accidentally threaded the needle with all of the above parameters, it resulted in the coins being re-sent and the creation of a new wallet, which was unfortunate for Binance.
Binance, the DOGE network, and DOGE holders were all caught up in an odd and catastrophic chain of events. Trying to prepare something like this would have been impossible for us at Dogecoin Core maintainers and Binance — and it would not have been the murky situation that some had speculated it would be.
Neither Binance nor the DOGE Network had any prior knowledge of this exceedingly rare occurrence, and neither was to blame. So, as CZ previously stated, you can rest confident that no one will be dismissed.
Working collaboratively with the Dogecoin Core maintainers, we were able to identify, resolve, and prevent similar vulnerabilities from occurring in the future. We tested everything on Saturday (November 27) by re-opening withdrawals, but we did so in a stealthy manner to ensure that there were no further issues, and we are glad to say that withdrawals are again fully operational again as of today.
Dogecoin was founded in 2013 by software programmers Billy Markus and Jackson Palmer as a "fun" and "faster" alternative to the popular cryptocurrency Bitcoin. A spoof on the several fraudulent cryptocurrency currencies that had cropped up at the time, it derives its name and emblem from a Shiba Inu meme that went big a few years ago, and it has been around since.
DOGE also has a passionate backer in Elon Musk, whose frequent tweets about the digital token have contributed to the digital token's craze.
Dogecoin founder Elon Musk had previously modified his Twitter bio to read "Former CEO of Dogecoin." According to CoinMarketCap, at the time of writing, DOGE is the tenth-largest cryptocurrency with a market valuation of $27 billion, placing it in tenth place overall.
Earlier this month, Musk responded to a tweet by Bill Lee, an investor in Musk's enterprises, by saying that until the wallet keys are in the user's possession, the holdings should not be considered "their own." Tesla CEO Elon Musk wants consumers who hold digital assets to be in control of their own private keys rather than entrusting them to a cryptocurrency exchange.
How to Withdraw Money from Your Binance.US Account via Cryptocurrency
- Step 1: Log into your Binance.US account and select the Withdraw button from the dropdown menu that appears.
- Step 2: Choose the coin from which you wish to withdraw funds. Once you've entered your withdrawal address (either by selecting an address or by typing in the address and the amount of cryptocurrencies), click on the Submit button to finish.
- Step 3: You can save the address by ticking the save address checkbox and putting it in the associated label, which will be displayed.
- Step 4: You'll receive an email asking you to confirm your subscription. Click Confirm Withdraw to proceed with the withdrawal after opening the email headed Withdraw Request Confirmation and verifying that it is the transaction for which you are requesting confirmation.
- Step 5: To check on the status of your withdrawal, please return to the official website of Binance.US. Go to Wallet Deposit & Withdrawal History to see your deposit and withdrawal history. Then, from the Deposit & Withdrawal History menu, choose Crypto, and then choose Withdrawal from the Type dropdown list.
You may buy and sell cryptocurrency on Binance in three simple steps.
With the simplified purchase/sell process, you can buy crypto or buy bitcoin with confidence on Binance's secure platform. Your first Bitcoin or Binance coin is only a few clicks away.
By using the new Recurring Buy feature on the Binance website and app, you can avoid having to remember to make purchases on a regular basis. Margin trading on the Binance platform is enabled via the creation of a margin account with cryptocurrency funds. Margin trading allows you to gain access to larger amounts of cryptocurrency as investment capital in exchange for a loan charge.