Binance, the world’s largest cryptocurrency exchange, has been affected by the most recent Dogecoin update. According to reports, the company asked its users for coins back that had been supposedly locked for years. These coins have now resurfaced.
n Issue on Dogecoin Binance Front
This popular memecoin received its 1.14.5 update this week. It was meant to fix security issues, lower transaction fees, and improve overall performance. The move was supported by Elon Musk, Dogecoin’s most prominent proponent.
Binance was not happy with the update. The exchange informed Binance that it had found a “minor issue with DOGE Network withdrawals” and temporarily suspended DOGE Network withdrawals. Dogecoin also reached out to the developer team to fix it.
Some users are now complaining that Binance has contacted them for DOGE tokens.
Colin Wu, a Chinese journalist, also reported on the matter. He stated that transactions that were unsuccessful years ago are now being processed, which means that DOGE tokens have been redeemed by older users. Wu added that Binance had been in touch to return the funds to those clients.
Are Lower Fees a Problem?
Dogecoin Developers confirmed via Twitter that transactions had been stuck on Binance for more than a decade and that they were in contact.
Although they couldn’t resolve the issue at the time, Dogecoin developers yesterday updated to say that the transaction in question had been transmitted successfully after the 1.14.5 update.
The team attributes the team’s success to the lower transaction fees associated with the upgrade. This was their initial problem.
6) At the moment, we believe that the previously blocked transactions were retried as per normal on every node restart after an upgrade. This went through since the minfee is now lower ….
— November 11, 2021, Dogecoin Developers (@dogecoin_devs).
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