Dogecoin investors were shocked to realize that it was impossible to withdraw assets from the Binance exchange.
A day to remember
On the afternoon of November 11th, Binance notification that due to a problem after an update the day before, they are temporarily not withdrawing funds from the exchange via the DOGE network.
The statement from the crypto exchange revealed:
“We have suspended the DOGE network’s withdrawals until this problem is resolved. Binance is actively working with the DOGE project team to solve the problem. “
Binance also clarified that while it is not possible to withdraw funds through the DOGE network, other networks may allow users to withdraw their DOGE.
It is interesting that some users claim that this incident left DOGE behind and it is time for a number of rival coin memes to shine. Meanwhile, others attributed the suspension to regular updates.
At press time, DOGE is the ninth largest cryptocurrency by market capitalization, trading at $ 0.26. The coin has fallen 6.05% since the crash.
What is the reason?
What exactly is the problem? An update to the Dogecoin version was shared on GitHub three days ago. Dogecoin core 1.14.5 just simple installation before rebooting the node. The update claims to have fixed two “extremely critical vulnerabilities” that many Dogecoin Core users reported back then.
The publication also aims to set the recommended minimum fee for Dogecoin network users with a nomination of 0.01 Doge / kb.
However, Binance stated that it had found “small problems” with withdrawals from the DOGE network on the exchange after the update. Withdrawals have been suspended for more than two hours after the announcement.
At the time of publication, there was no official information about the incident from the official Dogecoin Twitter account or the Dogecoin developer Twitter accounts.
The DOGE network’s suspension of withdrawals from the exchange came approximately ten days after an incident where Binance stopped all crypto withdrawals. The company reported this due to a “large backlog” and CEO Changpeng Zhao has tweets this money is still SAFU.
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According to Ambcrypto