Categories: Market

Dogecoin community “animates” when it cannot withdraw money from Binance for 2 hours

crypto

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.

Source: TradingView

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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Annie

According to Ambcrypto

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.