Dogecoin (DOGE), the most famous cryptocurrency-meme on the market, received its new update on Thursday (11). it is about the Dogecoin Core 1.14.5, which had none other than Elon Musk as one of its main supporters.
However, the program caused problems at Binance, the world’s leading cryptocurrency exchange. According to reports, some Binance customers would have received DOGE that have been stranded for years but have been reactivated by the update. As a result, the company asked customers to return the cryptocurrencies.
A problem on the dogecoin-binance front
Initially, Dogecoin Core 1.14.5 was intended to solve some security issues, reduce transaction fees and improve overall performance of DOGE. The proposal was launched in June, as reported by CriptoFácil, and went through nearly five months of debate until implementation.
However, Binance claimed that the change caused problems with withdrawals from the DOGE network. This is because in the past some users have tried to send DOGE, but the transactions have failed and the DOGE has been stuck ever since.
But the new version of the software made some of the transactions pass, that is, users received DOGE that should have been lost. In addition to Binance, Chinese journalist Colin Wu also reported what happened and confirmed Binance’s contact with users.
Additionally, the exchange has temporarily suspended withdrawals from the DOGE network until the issue is resolved. The Crypto Live profile released an alleged communication sent by Binance to those who received DOGE in this context.
Due to the lower transaction fees of the new version of Dogecoin Core, Binance may mistakenly re-send DOGE tokens to users who have failed to withdraw due to insufficient transaction fees pic.twitter.com/GFxevWgb7s
— Crypto Live (@Crypto_Live_) November 12, 2021
DOGE team confirms error
DOGE’s official developer profile also confirmed the error. Initially, they were not able to identify the source of the issue, but later confirmed that the transactions in question were successfully retransmitted after the 1.14.5 update.
The team wrote a series of Twitter messages still on Thursday explaining the situation. According to the messages, some transactions had already been carried out for over a year.
According to the developers, the problem occurred because of transaction fees. Dogecoin Core 1.14.5 ended up causing an increase in network rates, which were previously much lower. This increase, in turn, extended to old transactions, which were held up by low rates.
In other words, the increase caused these transactions to be retroactively accepted by the network, causing confusion. According to the developers, this was because of the way transactions are processed on the DOGE network.
“Invalid transactions do not have a set time limit to expire but are typically discarded due to memory limits on the network. However, they can be left lying around if Mempool is not maintained. The correct way to cancel a transaction is to spend, in a different transaction, the same amount as the transaction you want to cancel. Thus, the new transaction invalidates the first one”, they explained.
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