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    Binance resumes DOGE crypto withdrawals after outage

    By Joyanta Acharjee

    16:27, 29 November 2021

    A pile of physical Dogecoins
    A pile of physical Dogecoins – Photo: Shutterstock

    Binance, the world's largest cryptocurrency exchange, has resumed Dogecoin withdrawals after resolving technical issues.

    In a blog post, Binance said withdrawals are open again after a two-week halt that was caused by a database issue after a network upgrade.

    "What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days," Binance said in the post.

    Unlikely and unfortunate

    "It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE hodlers. If we at Dogecoin Core maintainers and Binance had tried to plan this, we simply would not have been able to – not quite the shady circumstances that some had suggested," Binance said in Monday's statement.

    Elon Musk tweets about Binance's DOGE outageElon Musk tweets about Binance's DOGE outage – Photo: Twitter

    This was a reference to a cheeky Tweet from Elon Musk about the DOGE outage at Binance.

    XRP/USD

    0.74 Price
    +7.950% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01168

    SOL/USD

    216.66 Price
    +2.100% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 2.2652

    BTC/USD

    89,237.75 Price
    +0.310% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    ETH/USD

    3,152.01 Price
    -0.430% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 6.00
    Binance founder's Twitter reply to MuskBinance founder's Twitter reply to Musk – Photo: Twitter

    Binance founder Changpeng Zhao replied and went into detail about what went wrong.

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    Cause of fault

    "No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue," Binance said in Monday's blog post.

    Withdrawal requests were quietly accepted over the weekend to ensure no further issues, Binance added.

    On Monday, Dogecoin traded 8% higher at $0.2136 on volume of 8,669,861,620 DOGE traded in the past 24 hours worth $1.85bn (£1.39bn), according to data from Coinmarketcap.com.

    Read more: ETC coin price prediction: will it thrive after hard fork?

    Related topics

    #Dogecoin #Cryptocurrency

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
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