A security update was made on the Dogecoin network that interrupted transactions occurring on Binance, prompting the exchange to reportedly halt all withdrawals of DOGE for the time being. Binance has frozen DOGE withdrawals temporarily until some of the exchange’s users return the coins that were sent to them unexpectedly. Earlier this week, the 1.14.5 security update has been executed on the Dogecoin network and the purpose of this update was to enhance the network’s efficiency, reduce its transaction fees and also resolve the security issues that exist on the network. A statement was also issued by Binance regarding this matter.
One of the world’s most prominent exchanges, Binance said that it was working on resolving this ‘minor issue’ with the Dogecoin team. They said in a statement that the security update had been executed on the 10th on the network and this had resulted in a minor issue with DOGE network withdrawals. Therefore, they said that DOGE withdrawals had been suspended temporarily until they resolve the issue. However, it is worth noting that the exchange did not provide any details about what the issue was exactly. Things took another turn after the exchange asked its users to return DOGE tokens.
This prompted a number of users on the Binance exchange to take to Twitter for complaining about the exchange asking them to return coins they didn’t have. As a matter of fact, some users went as far as accusing Binance of initiating withdrawals of DOGE from their accounts without asking for their consent. Screenshots were also shared by a number of users that showed the exchange asking them to return DOGE to the exchange, or they would not be allowed to make withdrawals from their accounts. There were also users who insisted they their accounts were devoid of any DOGE balances.
Dogecoin developers then tweeted on Thursday and explained that consecutive attempts of conducting pending transactions that were dated years ago had resulted in the initial withdrawal transactions. These pending transactions had not gone through because of ‘insufficient fees’. The version update of the Dogecoin network had taken place a few days ago and these transactions were apparently revived because of the update. The network ended up re-trying these transactions, even though the users of those accounts did not own the coins anymore. It was also disclosed by the developers that the Binance exchange had reached out to them years ago.
This was because the transactions were ‘stuck’ and the developers had then given some recommendations to the exchange at that time. However, they went on to disclose that Binance had not given them any feedback about whether they had followed up with the recommendations or not. Regardless of the issue, it is apparent the Binance users are unhappy with the turn of events and did not appreciate the exchange freezing their withdrawals and demanding them to return coins that they have not received. It remains unclear as to what the exchange will now do and how long it will take to restore the withdrawals.