Binance Users Could Have To Return DOGE Received After The Update

Binance users could have to return the DOGE tokens they received after the latest update on the platform so let’s find out more in our latest Binance news.

Binance reportedly requested some of its users to return the DOGE tokens that they got a few years ago after the initial transactions. The recent update on the DOGE network led to issues on the world’s biggest exchange Binance. The reports show that the company asked some of its users to return the coins that were stuck for years and resurfaced only now. The popular meme coin went through an update earlier this week and the goal was to resolve some of its security problems but also reduce fees and boost the performance. The most recieved support from DOGE’s most famous proponent Elon Musk came along again. However, the update caused troubles for Binance as the company informed that it discovered a slight issue with the DOGE withdrawals.

5) The sole example we have, from Binance, is a transaction with fees which are valid as of v1.14.5, but were invalid (too low) in 1.14.3 and before. Note, Binance updated directly from v1.14.3 to 1.14.5, in the past few days…

— Dogecoin Labs (@DogecoinLabs) November 11, 2021

Binance temporarily suspended DOGE network withdrawals and contracted DOGE’s developer team to resolve them. The situation took another turn for the worse when Binance users reported that the exchange contacted them to ask for their DOGE tokens back. Now, some Binance users could have to return the tokens as Chinese journalist Colin wu reported, saying that some of the transactions that failed a few years ago have now gone through which means users finally got their lost tokens. Wu added that binance has been in touch with the clients to return the funds.

The Dogecoin Developers’ team confirmed that some transactions were stuck on the exchange for more than a year and that the two parties were in contract. While still unable to resolve at the time, DOGE’s developers updated that the transactions in question were relayed successfully after the latest 1.14.5 update. The team attributed that the success for low transaction fees which came with the new upgrade was the main problem when the coins were stuck.

As recently reported, Both SHIB and DOGE experienced a volatile price action over the past week with another dog-themed crypto FLoki Inu surging this week. Last week was quite wild for the meme coins as Shiba Inu vaulted into the top 10 for the first time and flipped Dogecoin in terms of market cap but then DOGE recaptured momentum and flipped back.