update 24 November 2021

Elon Musk Confronts Binance’s “Shady” Behavior Over Doge Withdrawals

Elon Musk is not happy with how Binance is running its operations today. He targeted Binance CEO Changpeng “CZ” Zhao on the exchange’s handling of recent Dogecoin withdrawal troubles, suspecting “shady” behavior. Not backing down, CZ fired back with his own criticism of faulty Tesla vehicles.

Elon Musk Versus Changepeng Zhao

The executive feud began with Elon Musk tagging CZ in a Twitter comment earlier today. The comment was left on a CoinDesk tweet quoting the CEO, saying he wanted an improved perception of Binance from regulators.

Musk’s words did nothing to aid that perception, directly assaulting Binance’s credibility.

“Hey @cz_binance, what’s going on with your Doge customers? Sounds shady,” said the Tesla CEO.

Elon Musk once told me to 'get out' of a meeting. Here's how I won him over
Elon Musk. Source: CNBC

Musk was referencing an ongoing Dogecoin issue that Binance has been dealing with since November 11th. The exchange suspended its users’ Doge withdrawals following a glitch after the cryptocurrency’s network update. The exchange said that they’ll resume withdrawals upon fixing the glitch, which could take until November 29th.

The Tesla CEO’s suspicion is legit. Binance had a similar issue earlier this month when they repeatedly enabled and disabled all users’ crypto withdrawals. This was reportedly due to a database issue.

CZ was having none of it, however. He replied saying Binance was not at fault, and that it was instead an issue with the latest Doge wallet. While ‘politely’ apologizing for the inconvenience, he countered with his own question about a Tesla vehicle recall this month.

Resolving The Doge Withdrawal Issue

Binance’s official Twitter also responded to Musk, assuring him that they aren’t “shady” but simply “frustrated”. In a thread, the exchange explained that Doge’s recent update caused over 1600 transactions to be re-sent to Binance users. The issue occurred only with Binance because the exchange uses “a different technical wallet set-up for DOGE”. They are resolving the issue but apparently must re-build their Doge wallet from scratch.

Musk still expressed frustration with both CZ and Binance, saying that Doge holders should be “protected from errors that are not their fault”. However, he clarified that he did not experience the impact personally. Instead, he was merely speaking up on behalf of other Doge holders.

Elon Musk has established himself as the public face of dogecoin, regularly tweeting about the cryptocurrency in a light-hearted manner. He often causes the Doge and Shiba Inu price to pump or dump with his word alone.

CZ later apologized to Musk for coming off aggressively with his initial response.

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