Binance has reportedly halted all DOGE withdrawals after the Dogecoin network underwent a security update that interrupted transactions on Binance. Binance has temporarily halted these withdrawals until some users return coins unexpectedly sent to them.
Earlier this week, Dogecoin executed the 1.14.5 update whose objectives were to lower transaction fees, enhance efficiency and resolve security issues on the Dogecoin network.
Binance and Dogecoin working on a solution
Binance has issued a statement on the matter, stating that it is working with the Dogecoin team to resolve the “minor issue.”
“We discovered a minor issue with the DOGE network withdrawals on Binance after carrying out a version update on 2021-11-10. 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, in the statement, the exchange did not state what the issue was. The situation took another turn after Binance asked users to return DOGE tokens. Some users took to Twitter to complain that the exchange asked them to return tokens they did not have. Some users also stated that Binance initiated the withdrawal of DOGE from their accounts without their consent.
Some users also shared screenshots showing that the exchange had asked them to return Dogecoin to the exchange, or their withdrawal function would remain deactivated. Some users insisted that they did not have any DOGE balances in their accounts.
Issue attributed to latest Dogecoin upgrade
On a Thursday tweet by Dogecoin developers, the team explained that the initial withdrawal transactions were caused by consecutive attempts to conduct pending transactions dated years ago that failed to go through because of “insufficient fees.”
The Dogecoin network upgrade happened a few days ago, and it seems to have revived those transactions. The transactions were re-tried by the network even after users did not own the coins anymore.
The developers also stated that the exchange reached out to them over a year ago when these transactions were “stuck” and issued some recommendations at the time. However, the developers did not get any feedback from Binance on whether it followed up with the recommendations.
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