Binance has temporarily suspended withdrawals of DOGE following an upgrade, the agency stated Thursday.
“We observed a minor trouble with DOGE community withdrawals on Binance after carrying out a model update on 2021-11-10,” Binance said in a post on Thursday morning barring specifying what the “minor issue” was. “As a result, we have quickly suspended DOGE network withdrawals till this issue is resolved.
Binance is actively working with the DOGE task group to resolve the issue.
But the upgrade seems to have created significant troubles for some of its users. Those users declare that the crypto trade first initiated the withdrawal of dogecoin without their consent, and is now asking these users to return the dogecoin that they no longer presently have in their Binance accounts.
Binance requested them to return DOGE to the exchange, or else their withdrawal function on the trade would continue to be deactivated. But the affected users stated they didn’t even have any DOGE in their Binance accounts to return.
In a tweet thread on Thursday with the aid of a Twitter account representing dogecoin developers, the developers defined that the preliminary withdrawal transactions appear to have been follow-up tries to elevate out requested transactions from years in the past that have been “stuck” due to “insufficient fees.
The Dogecoin community upgrade initiated a few days ago appears to have induced these historic transactions, in accordance to the tweet thread. On the upgrade’s github page, it says that the upgrade finalized “a new minimal price recommendation” for all members on the network; the builders consequently trust that the transactions that acquired stuck appear to have been re-tried, even when the users no longer held the coins anymore.
The Dogecoin developers claimed that they tried to work with Binance when the exchange first reached out over a yr ago on the “stuck transactions,” but they “were no longer notified as to whether or not or no longer [Binance] followed” their directions to resolve the problem.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.