KEY POINTS
- Binance suspends withdrawals from users' wallets
- A version update was carried out by Binance Nov. 10
- Dogecoin developers cite "stuck" transactions as the issue
Dogecoin investors on Binance have found themselves in a sticky situation after they were asked to return tokens they didn’t have in their wallets. The exchange has also denied wallet withdrawals.
“We discovered a minor issue with 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,” the cryptocurrency exchange company said in an announcement.
The exchange didn’t mention what the "minor issue" was. The events followed a recent update to Dogecoin Core 1.14.5, which addressed “two high severity vulnerabilities that affect most Dogecoin Core users.” The release also set final fees for Dogecoin transactions, which are now 0.01 DOGE/kb.
The update, however, comes with its own set of challenges. Many users claim Binance triggered Dogecoin withdrawals without their consent, and asked them to return tokens, which they didn’t have in their wallets.
According to the official Twitter handle for Dogecoin developers, these withdrawals are a result of attempts to complete a few transactions that have been stuck due to “insufficient fees,” and the lowering of the charges triggered the issue.
“Binance opted to resend/reissue these transactions. We instructed Binance to use the inputs to the stuck transactions to force them to be invalidated by the replacement transactions. We were not notified as to whether or not they followed these instructions,” the developers tweeted.
According to CoinmarketCap, Dogecoin has been up 0.68% in the last 24-hours, as of 1:30 am ET, with a 48.09% decline in trading and a market capitalization of $34.6 billion. Apparently, the 9th biggest cryptocurrency has gained a lot this year with Elon Musk’s support.
In this photo illustration, visual representations of digital cryptocurrencies, Dogecoin and Bitcoin Photo: Yuriko Nakao/Getty Images
