Binance Suspends Dogecoin withdrawals

  • November 12, 2021

Binance Suspends Dogecoin withdrawals

Binance Suspends Dogecoin withdrawals and requested users to refund their tokens.

Binance has found itself in yet another bind, as the world’s largest crypto exchange has frozen Dogecoin investors’ accounts, preventing them from withdrawing the cryptocurrency. Users of the network rushed to social media to vent their displeasure with the transaction.

Investors were apparently requested to return Dogecoin they did not own, according to a Reddit member. Following this, Binance announced on Thursday that all DOGE network withdrawals would be suspended.

“After performing a version upgrade on 2021-11-10, we identified a minor issue with DOGE network withdrawals on Binance. As a result, until the issue is fixed, we have temporarily suspended DOGE network withdrawals.”

In a blog post, the world’s largest cryptocurrency exchange stated.

The cause of this is a minor problem, or the problem itself has not been revealed. The Dogecoin Core was updated to version 1.14.5, which included a change to the minimum transaction cost of 0.01 DOGE/kb. In addition to the lower charge, the release also addressed “two high severity vulnerabilities” that were causing worry among Core users.

Dogecoin developers have revealed the reason for this

Binance was requesting that users return DOGE tokens that they did not own, and according to some users, the exchange completed withdrawals with the authorization of the wallet owners. After receiving no response from Binance, the Dogecoin developer community on Twitter outlined the problem.

The attempts to carry out transactions requested years ago on the exchange, according to the tweets, are the cause of this unforeseen predicament. Withdrawals from the DOGE network worked correctly on other exchanges, and it appears that the problem is limited to the Binance exchange.

Because of inadequate transaction fees, some trades were “stuck” in the exchange. The transactions were re-initiated after the transaction price was reduced, despite the fact that the users no longer possess their tokens or wallets.

The attempts to carry out transactions requested years ago on the exchange, according to the tweets, are the cause of this unforeseen predicament. Withdrawals from the DOGE network worked correctly on other exchanges, and it appears that the problem is limited to the Binance exchange.

Because of inadequate transaction fees, some trades were “stuck” in the exchange. The transactions were re-initiated after the transaction price was reduced, despite the fact that the users no longer possess their tokens or wallets.

Users on Reddit contacted Binance support to inquire about the suspension of withdrawals and why they now own so many DOGE coins.

I contacted them via chat, and they directed me to the “appropriate department,” who promised to contact me later.

a user stated

Binance said a while ago that the network was undergoing maintenance owing to a large backup. The Binance exchange appears to have a lot of these problems.

 

Movine Oduor
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