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Binance suspends Doge withdrawals due to a slight glitch

Binance

TL;DR Breakdown

  • Binance suspends DOGE withdrawals due to a minor glitch.
  • The platform is requesting users to return the DOGE.

Binance is the world’s largest crypto exchange platform by volume of sales. The platform has, for now, suspended the withdrawal of DOGE. According to the company, the suspension comes after an upgrade of the site.

Since yesterday’s version upgrade, the largest exchange announced they were experiencing a hiccup with the DOGE withdrawals systems. The announcement did not give specifications of the hiccup. Notwithstanding, the hiccup led to the temporary halt of the DOGE network withdrawal until they solved the minor hiccup. The crypto exchange and DOGE project team are working to fix the problem and lift the suspension.

However, the update may be causing a lot of headaches to the exchange’s users. The clients are accusing the platform of initiating random withdrawal of Dogecoin without asking for their approval. Yet, the platform is urging the clients to take back the DOGE into their accounts. But according to the clients, they are not holding the coins. Therefore, they can’t restore them.

Binance is threatening to keep the accounts frozen

Information circulating from users indicates that Binance is harassing and intimidating them. They are coerced to return the DOGE to the exchange platform. The leading crypto exchange is threatening to suspend withdrawal services of those who won’t return DOGE. Yet, the affected accounts claim they never had DOGE in their accounts to return.

Yesterday, the Twitter handle of Dogecoin developers made a series of clarification tweets. The handle gave an insight into the situation. It explained that the first withdrawal transaction seems to be an attempt to complete earlier transactions. These earlier transactions seemingly were stuck several years ago due to inadequate fees.

Dogecoin developers proceeded with their tweets saying they advised the exchange to invalidate the stuck transaction. Yet, the platform chose to re-issue these transactions. They further stated that the exchange didn’t give them a notification if they followed the instructions.

The developers claim that later on, the exchange notified them of account settlement issues. Nevertheless, they could not replicate the problems since they had inconclusive data from the platform. But they opted for zapwallettxes to sort the mess.

The upgrade has low transaction fees

Fast forward, yesterday Doge got a notification that the stuck transaction had materialized. They feel the upgrade lowered mining fees (1.14.5 update).

The ultimate instance from Binance portrays a circumstance with reasonable fees in v1.14.5 but was unsuccessful (low) in version v1.14.3. Remember, the exchange is an upgrade from v1.14.3 to v1.14.5 in only a few days.

The developers are struggling to give logical explanations. They believe the update automatically triggered the earlier unsuccessful transactions.

Developers clarified the possibility of their analogy by informing account holders that invalid transactions lack a time limit. They noted that such transactions are only disposed of because of the memory capacity. Efforts to reach out to the exchange for clarity has been futile.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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