Trading platform users could not withdraw altcoin for 17 days. The site has technical problems after updating the "meme" cryptocurrency
Cryptocurrency exchange Binance announced that it has fixed technical issues with Dogecoin and resumed withdrawing altcoin from the trading platform. The site said that difficulties arose as a result of the Dogecoin update to version 1.14.5. Users have not been able to withdraw their altcoin from Binance since November 11.
Last week, crypto exchange CEO Changpeng Zhao gave a clarification on the Dogecoin situation. According to Zhao, the Dogecoin developers were "pretty accurate" in describing an issue that arose on the trading platform following the recent altcoin update.
In early November, messages about problems with access to the marketplace functionality began to appear on Reddit. One of the clients of the trading platform wrote on Twitter that the exchange informed him that it was blocking his Dogecoin withdrawal, demanding to pay off the debt of 53.7 thousand Dogecoin ($ 11.8 thousand at the exchange rate on November 12). The user claims that he has not carried out transactions with the "meme" token for more than two years.
On November 11, Binance temporarily disabled the withdrawal of Dogecoin from its trading platform until technical issues were resolved. Problems with Dogecoin affected more than 1.6 thousand users of the crypto exchange.
After massive reports of problems with Dogecoin, the developers of the "meme" token suggested that technical problems could arise as a result of "stuck" transactions that did not meet the system's requirements for successful execution.
The altcoin development team believes that most of these transactions were too low in fees, but in the 1.14.5 update, which was released on November 10, the fees on the Dogecoin network were significantly reduced. As a result of the restart of the Binance node, which occurs after the altcoin update, the transactions were automatically executed.