Binance may have mistakenly sent half a billion Dogecoin to its users

Binance, because of problems caused by an update of the network responsible for Dogecoin (DOGE), may have mistakenly sent its customers around half a billion DOGE in early November. This is the same failure responsible for the stoppage of withdrawals from the cryptocurrency meme in the exchange for 17 days.

Twitter user @ImNotTheWolf presented a compilation of the transactions that occurred in the interval where the exchange I had not yet identified the flaw, and it is possible to see that, due to the error, Binance sent 554 million DOGE to customers in 3,376 transactions, a number higher than the 1,634 that the company officially discloses.

UPDATE:My buddy that originally alerted me about @binance‘s oopsie, has taken the time to compile all of the data.

Total Transactions: 3,376Original Value of User Withdrawals: $2 Million USDCurrent Value Asking Users Repay: $152 million USDTotal $DOGE Lost: 554 Million pic.twitter.com/IV3sa5Hxsq

— wolf (@ImNotTheWolf) November 19, 2021

Want to catch up on the best tech news of the day? Access and subscribe to our new youtube channel, Kenyannews News. Every day a summary of the main news from the tech world for you!

To get an idea of ​​the loss, at the current currency rate, the 554 million DOGE is equivalent to US_jobs(data.content)nbsp;99 million (R_jobs(data.content)nbsp;563 million) lost by Binance, without considering eventual returns.

O Kenyannews contacted Binance asking if the numbers released by the Twitter user are true. As soon as we receive a response, we will update the story.

understanding the problem

Binance claims that the technical problem was caused accidentally, due to conflicts between several updates of the Dogecoin network carried out since 2019 with the digital wallets of the exchange. The failure caused past records of withdrawals by DOGE at the brokerage to be counted as current by mistake.

Because of this, users reported sending notifications in which Binance asked for the return of cryptocurrencies, many of which they didn’t even have a few years ago. Identifying the problem, the exchange opted to stop withdrawals from the asset on November 11th.

To restore functionality, Binance worked with Dogecoin developers to create a new digital wallet compatible with the new Asset Network updates. The solution was implemented last Monday (29), and with it the DOGE withdrawal function was restored.