Binance Reportedly Requested Users to Return Dogecoin Received After Latest Update
The most recent update on the Dogecoin network has led to issues on the world’s leading cryptocurrency exchange – Binance. Reports have emerged that the company has asked some of its users to return coins that were supposedly stuck for years and have resurfaced just now.
An Issue on the Dogecoin-Binance Front
The popular memecoin went through its 1.14.5 update earlier this week, which was intended to resolve some security problems, reduce the transaction fees, and improve the overall performance. Somewhat expectedly, the move received support from Dogecoin’s most famous proponent – Elon Musk.
However, the update caused troubles for Binance as the firm informed that it had discovered “a minor issue with DOGE network withdrawals.” Consequently, the exchange temporarily suspended DOGE network withdrawals and also contacted Dogecoin’s developer team to resolve it.
The situation has apparently taken another turn for the worse for some users, many of which took it to Twitter to complain that Binance had contacted them to ask for DOGE tokens.
The Chinese journalist Colin Wu also reported on this, saying that some of the transactions that failed years ago have now gone through, meaning that older users have received seemingly lost DOGE tokens. Wu also added that Binance has been in touch with those clients to return the funds.
Lower Fees the Issue?
The Dogecoin Developers’ team confirmed on Twitter that some transactions were indeed stuck on Binance more than a year ago and that the two parties were in contact.
While they were unable to resolve it at the time, Dogecoin’s developers updated yesterday that the transactions in question have relayed successfully following the 1.14.5 update.
The team attributed the success now to the lower transaction fees that came with the new upgrade, which was the initial problem when they were stuck.
6) Currently what we believe has happened is the previously stuck transactions have been retried automatically, as would happen on each node restart after upgrade – and went through, since now the minfee is lower….— Dogecoin Developers (@dogecoin_devs) November 11, 2021