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Binance Reportedly Requested Users to Return Dogecoin Received After Latest Update

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Binance has reportedly requested from some of its users to return DOGE tokens that they have received years after the initial transactions.

The most recent update on the Dogecoin network has led to issues on the world’s leading cryptocurrency exchange – Binance. Reports have emerged that the company has asked some of its users to return coins that were supposedly stuck for years and have resurfaced just now.

An Issue on the Dogecoin-Binance Front

The popular memecoin went through its 1.14.5 update earlier this week, which was intended to resolve some security problems, reduce the transaction fees, and improve the overall performance. Somewhat expectedly, the move received support from Dogecoin’s most famous proponent – Elon Musk.

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However, the update caused troubles for Binance as the firm informed that it had discovered “a minor issue with DOGE network withdrawals.” Consequently, the exchange temporarily suspended DOGE network withdrawals and also contacted Dogecoin’s developer team to resolve it.

The situation has apparently taken another turn for the worse for some users, many of which took it to Twitter to complain that Binance had contacted them to ask for DOGE tokens.

The Chinese journalist Colin Wu also reported on this, saying that some of the transactions that failed years ago have now gone through, meaning that older users have received seemingly lost DOGE tokens. Wu also added that Binance has been in touch with those clients to return the fund

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Lower Fees the Issue?

The Dogecoin Developers’ team confirmed on Twitter that some transactions were indeed stuck on Binance more than a year ago and that the two parties were in contact.

While they were unable to resolve it at the time, Dogecoin’s developers updated yesterday that the transactions in question have relayed successfully following the 1.14.5 update.

The team attributed the success now to the lower transaction fees that came with the new upgrade, which was the initial problem when they were stuck.

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Binance resumes DOGE withdrawals days after Elon Musk’s comments

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Binance, one of the world’s largest cryptocurrency exchanges by daily trading volumes, has resumed Dogecoin (DOGE) withdrawals following a system glitch caused by the DOGE wallet upgrade.

The exchange officially announced on Monday that it had restarted DOGE withdrawals after experiencing a major issue where Binance users were unable to withdraw Dogecoin for 17 days.

Additionally, 1,634 users on Binance were sent old transactions due to a conflict of several DOGE wallet versions. This happened due to a “combination of unlikely factors” and ultimately affected only Binance. The exchange wrote:

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“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) AND then updated to v1.14.5 — you can have an issue.”

“Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built,” the announcement reads.

Binance emphasized that “no single entity was at fault” as neither Binance nor the DOGE Network had prior knowledge of the issue.

The fix came after Tesla CEO Elon Musk brought up the issue on Twitter on Tuesday, arguing that Binance’s DOGE withdrawals problem was “shady.” Binance CEO Changpeng Zhao stated right away that the problem was related to the latest DOGE wallet upgrade.

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Dogecoin is a meme-based cryptocurrency that has been increasingly popular since Musk started actively promoting DOGE on Twitter in 2020. At the time of writing, DOGE is the 10th-largest cryptocurrency with a market capitalization of $27 billion. The price of DOGE has tumbled recently, with Dogecoin dropping more than 22% over the past 14 days, according to CoinGecko.

Dogecoin 30-day price chart. Source: CoinGecko

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Binance Unveils Inside Details of the Dogecoin (DOGE) Incident

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After a heated back-and-forth between Elon Musk and CZ, Binance has opened all withdrawals of Dogecoin (DOGE).

The world’s leading cryptocurrency exchange, Binance, has opened up about the entire fiasco that was endured by Dogecoin Core maintainers and the company during the wallet upgrade. In its blog post titled, “The Inside Story on DOGE withdrawals,” Binance revealed what actually transpired and how no one was at fault.

Dogecoin (DOGE) withdrawals Inside Story

It all began as, what Binance describes, a “straight-forward” upgrade. However, users were not able to withdraw their DOGE tokes for 17 days straight. To top that, 1,634 customers were sent old transactions. While detailing facts and clarifying that no shade was intended, the exchange’s post said several unlikely factors resulted in an unforeseen issue that subsequently affected only Binance.

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It explained that the “technical issue” led to old transactions being sent back to many users due to a unique wallet arrangement for DOGE.

“In short, if 1) your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4)

AND then updated to v1.14.5 — you can have an issue. Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”

According to Binance, the event was nothing short of an unlikely and unfortunate coincidence for all the parties involved. While referring to Musk’s shady remark, the blog post stated that there was no way Dogecoin Core maintainers and Binance would have been able to “plan” this. After “silently” opening withdrawals on November 27th, the platform fully opened the withdrawals starting today again.

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Rival’s take

Elon Musk is a powerful ally of Dogecoin (DOGE), the OG meme coin. Hence, his comments spurred debates and jibs from Binance’s rivals. Huobi, for one, did not hold back. In its blog post last week, the exchange said that Binance’s move of arbitrarily freezing user accounts damaged the user trust. It also stated that this incident would likely push customers to decentralized exchanges (DEXs).

Huobi blamed Binance for the delay in transactions and the loss of hundreds of millions of dollars worth of Dogecoin.

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Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow?

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  • Binance Coin price analysis is bearish today.
  • BNB/USD saw a strong upsurge towards $630 resistance today.
  • Further upside is currently rejected.

Binance Coin price analysis is bearish today as we expect another retracement to follow after a higher high set today. Likely BNB/USD is not yet ready to reach further upside and another retracement that sets a higher low is needed.

Binance Coin Price Analysis: BNB sets higher high at $626, another swift retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return overall. Bitcoin gained 4.81 percent, while Ethereum 5.78 percent. Meanwhile, Binance Coin (BNB) follows with a gain of 3.71 percent.

Binance Coin price movement in the last 24 hours: Binance Coin sets higher high after strong bullish momentum overnight

BNB/USD traded in a range of $574.98 – $624.65, indicating substantial volatility over the last 24 hours. Trading volume has declined by just 1.3 percent, totaling $2.57 billion, while the total market cap trades around $102.67 billion, ranking the coin in 3rd place.

BNB/USD 4-hour chart: Rejects further upside at $626, 

On the 4-hour chart, we can see the Ripple price action currently looking to reverse again as further upside is rejected after a strong rally earlier today.

Binance Coin Price Analysis: BNB sets higher high at $626, another retracement to follow?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price has seen a strong recovery over the past weeks after a strong drop from the $660 previous highs resulted in a loss of over 20 percent to the $510 mark.

From there, BNB/USD quickly reacted higher on the 19th of October, reaching the $600 mark. After a slight pause later in the week, BNB continued higher until the $660 mark was almost reached again by the 26th of October.

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Since then, we have seen a strong spike lower set another higher low at $570. The Binance Coin price has since set further local higher low and high, indicating bullish momentum slowly preparing for another attempt to break the all-time high resistance around $660-$670.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bearish for today as we expect another retracement that sets a higher low to follow over the next 24 hours. Therefore, BNB/USD has set another higher high, with more preparation needed before further upside can be tested.

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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