Binance suspends withdrawals from Dogecoin and asks users to return funds they do not have

Binance suspends withdrawals from Dogecoin and asks users to return funds they do not have By Hannah perez

The problem appears to have arisen after the latest Dogecoin update, which would have allowed processing pending transactions on Binance from years ago that were stuck due to insufficient fees.

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It appears that the most recent update of Dogecoin (DOGE) has created problems for the world’s leading cryptocurrency exchange, Binance.

Thursday afternoon, Binance issued a statement informing its users that it was temporarily suspending withdrawals from DOGE after experiencing issues after the latest update.

We have discovered a minor issue with withdrawals from the DOGE network on Binance after carrying out a version update on 2021-11-10. As a result, we have temporarily suspended withdrawals from the DOGE network until this issue is resolved. Binance is actively working with the DOGE project team to resolve the issue.

The network of the popular puppy coin carried out the update 1.14.5 earlier this week with the aim of reducing transaction fees, promoting some improvements in its infrastructure to optimize its performance and correct vulnerabilities previously present in the protocol of Dogecoin. As expected, the measure had the backing of the CEO of Tesla, Elon Musk.

However, the The update appears to have caused difficulties for the Binance, that although he did not detail what was the “minor problem“, Decided to freeze withdrawals from the token meme. The exchange highlighted in the notice that operations will be suspended until the problem is fixed and that it will provide an update on the situation shortly.

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Binance requests a refund from DOGE

However, the situation seems to have been complicated for some users of the exchange, who have been reporting irregularities with the platform through social networks.

Many of them complain that Binance has requested your DOGE coins. Within this group, some clients claim that the exchange carried out the withdrawal of Dogecoin without your consent and now it is asking them to return funds that they do not currently have in your accounts.

According to a report by CoinDesk, which received screenshots from various users of Binance With the problem, the exchange asked them to return DOGE stating that otherwise their withdrawal function on the platform would remain inactive. Nevertheless, The curious thing is that the affected users told the media that they did not even have funds in Dogecoin in your accounts.

Chinese journalist Colin Wu also reported about the inconvenience through your Twitter account. Citing the local crypto community, Wu explained that some of the transactions that failed years ago were made after the update, meaning that former DOGE users received seemingly lost tokens.

Someone said that they suddenly got a lot of Dogecoin. Binance requires users to [lo] come backThe journalist wrote in a tweet. He also added that the exchange has contacted those clients to return the funds.

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The update triggered problems for Binance

The developer team of Dogecoin confirmed on Twitter that some transactions were actually stuck at Binance for more than a year and that the two parties were in contact.

The developers explained that Initial withdrawal transactions appear to have been follow-up attempts to carry out requested transactions from years ago that were “stuck” because “insufficient fees. Network upgrade Dogecoin that was deployed earlier this week seems to have triggered those old transactions, as explained in a thread from the tweet.

According to the github page from the upgrade, this readjustment finished “a new minimum fee recommendation”For all participants in the network; pHence, the developers believe that the transactions that got stuck seem to have been tried again, even when users no longer own the coins.

The developers of Dogecoin stated that they tried to work with Binance when the exchange first approached more than a year ago manifesting about the “blocked transactions“, but “they were not notified if [Binance] followed”Your instructions for solving the problem.

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Sources: Binance, CoinDesk, CryptoPotato

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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