Following a small issue that occurred following the Dogecoin network update, Binance has temporarily stopped DOGE withdrawals. The problem appears to be due to invalid transactions that have been sitting around for a long time.
According to a post on November 11, Binance has banned dogecoin (DOGE) withdrawals due to the discovery of a “small bug.” The Dogecoin network had a version update the day prior, according to Binance, which hampered DOGE network withdrawals. According to the notification, the exchange is also working with Dogecoin developers to remedy the problem.
There has been no indication of when withdrawals will restart. Developers of Dogecoin have also responded to the event through Twitter, clarifying what transpired.
Dogecoin transactions stuck
Binance contacted the developers over a year ago, notifying them that there were blocked transactions, which were probably stuck owing to inadequate fees, according to the developers. Binance reprinted these transactions, and the dogecoin developers advised that they “use the inputs to the stalled transactions to compel the replacement transactions to invalidate them.”
However, it’s unclear if Binance followed those processes, and it later informed the developers that account reconciliation concerns existed. The situation is growing more difficult, and Binance warned the developers a few days ago that transactions had been unstuck as a result of the 1.14.5 release. Binance appears to have gone straight from v1.14.3 to v1.14.5.
The invalid transactions appear to be due to a lack of mempool upkeep. To avoid such issues, the creators advocate frequent maintenance.
In 2021, the Binance exchange fared exceptionally well, with the Binance Smart Chain and linked DEX performing particularly well. However, there have been a few concerns with withdrawal bans and network glitches, in addition to the authorities’ strict control.
In early 2021, the exchange had to halt ETH withdrawals due to network congestion. In October 2021, an algorithm glitch caused the price of bitcoin on Binance.US to plummet to $8,200. One user even profited handsomely from the decline.
However, it has managed to avoid any serious incidents in terms of technological concerns. On the regulatory front, though, it’s all about ensuring compliance as governments tighten their grip.