Dogecoin Withdrawals Suspended on Binance Following Upgrade

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Binance has temporarily suspended DOGE withdrawals after a minor issue that occurred following the Dogecoin network update. The issue appears to be related to stagnant invalid transactions.

Binance has suspended withdrawals of dogecoin (DOGE) following the discovery of a “minor issue,” according to a post on Nov 11. The Dogecoin network carried out a version update the day before, which Binance says affected network withdrawals for DOGE. The exchange is also working with Dogecoin developers to resolve the issue, the announcement statements.

No timeframe has been offered as to when the withdrawals might resume. Dogecoin developers have also commented on the incident via Twitter, providing clarification as to what happened.

Stuck Dogecoin transactions

The developers say that Binance had contacted them over a year ago, informing them that there were stuck transactions, which were possibly stuck due to insufficient fees. Binance reissued these transactions, and the dogecoin developers recommended that they “use the inputs to the stuck transactions to force them to be invalidated by the replacement transactions.”

But it’s unclear if Binance followed those steps and, later, it told the developers that there were account reconciliation issues. The whole matter gets more complicated, and a few days ago, Binance notified the developers of the transactions becoming unstuck following the 1.14.5 update. Apparently, Binance updated directly from v1.14.3 to v1.14.5.

The developers posit a theory as to what might have gone wrong, saying,

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.

The invalid transactions appear to be a result of a lack of maintenance of the mempool. The developers recommend routine maintenance to eliminate such problems.

The Binance exchange itself has performed very well in 2021, with its Binance Smart Chain and related DEX particularly strong. However, there have been a couple of issues with respect to withdrawal suspensions and network issues — besides severe oversight from regulators.

The exchange had to suspend ETH withdrawals in early 2021 after network congestion. More recently, in Oct. 2021, an algorithm bug caused the price of bitcoin to crash to $8,200 on Binance.US. One user even made a significant profit from the drop.

But as far as those technical issues are concerned, it has avoided any major incidents. On the regulation front, however, it’s working on compliance as governments bear down.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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