Binance reportedly asked some of its users to return DOGE tokens they received years after the initial transactions.
The latest update on the Dogecoin network has caused issues in the Cryptocurrency Exchange – Binance. Reports surfaced that the company asked some of its users to return coins that had supposedly been stuck for years and have reappeared.
A problem between the Dogecoin Network and Binance
The popular memecoin passed through its update 1.14.5 earlier this week, with the goal of solving some security issues, reducing transaction fees, and improving overall performance. Somewhat to be expected, the move was supported by Dogecoin’s most famous proponent – Elon Musk.
However, the update caused problems for Binance as the company informed who had discovered “a small problem with withdrawals from the DOGE network”. With this, Exchange temporarily suspended withdrawals from the DOGE network and also contacted the Dogecoin developer team to resolve the issue.
The situation apparently worsened again for some users, many of whom turned to Twitter to complain that Binance had contacted him to request the DOGE tokens.
Due to the lower transaction fees of the new version of Dogecoin Core, Binance mistakenly resent DOGE tokens to users who did not withdraw due to insufficient transaction fees.
Chinese journalist Colin Wu too reported this is saying that some of the transactions that failed years ago have now only completed, meaning that older users have received apparently lost DOGE tokens. Wu also added that Binance has contacted these customers to return the funds.
Are lower rates the problem?
The Dogecoin developer team confirmed on Twitter that some transactions had actually been locked in Binance for over a year and that the two parties were in contact.
The Dogecoin developers reported yesterday that the transactions in question were successfully relayed after the 1.14.5 update.
The team attributed their success to the lower transaction fees that came with the new update, which was the initial problem when they crashed.
Source: Crypto Potato