In Brief:
- Binance has temporarily halted DOGE withdrawals.
- The issue was caused by a Binance upgrade from v1.14.3 to v1.14.5.
- To identify a solution, the exchange is working with Dogecoin developers.
Following an upgrade, Binance has temporarily halted Dogecoin withdrawals, the company announced on 11th November.
Binance claimed in a statement on Thursday morning that there was a “small incident,” but did not elaborate, “we discovered a minor issue with DOGE network withdrawals on Binance after carrying out a version update of v1.14.3 to v1.14.5 on 2021-11-10.”
They further added, “As a result, we have temporarily suspended DOGE network withdrawals until this issue is resolved. Binance is actively working with the DOGE project team to resolve the issue.”
However, some customers appear to have experienced substantial issues as a result of the upgrade. Those individuals claim that Binance started a dogecoin withdrawal without their authorization, and that the crypto exchange is now requesting that they refund the dogecoin that they no longer have in their Binance accounts.
Several Binance customers posted screenshots with CoinDesk showing that Binance ordered them to refund DOGE to the exchange or their withdrawal capability will be disabled. However, the users who were affected reported they didn’t have any DOGE in their Binance accounts to return.
The initial withdrawal transactions appear to have been follow-up attempts to carry out requested transactions from years ago that were “stuck” due to “insufficient fees,” according to a tweet thread on Thursday by a Twitter account representing dogecoin engineers.
According to the tweet thread, the Dogecoin network upgrades a few days ago appears to have triggered those old transactions. According to the upgrade’s github page, the upgrade “finalised a new minimum fee recommendation” for all network members; the developers believe that the stalled transactions appear to have been retried, even if the users no longer hold the coins.
Also Read: Binance Suspended Withdrawals Due to a Data Backlog For Two Hours
When Binance originally approached them about the “stuck transactions” over a year ago, the Dogecoin developers stated that they sought to cooperate with them, but that they “were not notified as to whether or not [Binance] followed” their recommendations to fix the problem.
The firm did not react to queries for more information regarding the problem right away.
