Huobi reminds investors what’s important in the Musk-Binance Dogecoin spat

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What looked like a Twitter spat between two billionaires could actually have far-reaching consequences. Not only for Dogecoin’s investors, but also the wider community of crypto-exchange customers.

Everything’s sunny in Binance

After Elon Musk called for answers and remarked that the way Binance treated its DOGE customers sounded “shady,” Binance CEO Changpeng Zhao released a statement. Zhao reiterated what a Binance thread had said about DOGE network withdrawals being suspended and how the team is rebuilding the wallet.

He said,

“The root cause is due to a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users. I am sure this was a great surprise to them.”

Several exchanges took the opportunity to playfully invite DOGE investors to their platforms. However, Huobi Research, for its part, issued a statement on how “hundreds of millions of dollars” in DOGE were lost due to Binance’s errors.

Huobi Research argued,

“What’s interesting is that Binance announced 10 basic rights of cryptocurrency users short term ago, which mentioned to ensure the safety of users’ funds and secure custody. In this case, freezing user accounts arbitrarily damaged the trust of users to a certain extent.”

Discussing how the incident might prompt users to move to DEXs instead, Huobi Research added,

“Therefore, the focus of the future should be further standardize…

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