After Binance suspended the withdrawals on the Doge network, Dogecoin developers who faced Binance made mutual statements.
Dogecoin supporter Elon Musk labeled Binance CEO CZ in his tweet today, “What’s going on with your Dogecoin customers? bad voices are rising,” he said.
The response from CZ to Elon Musk, who shared by tagging CZ, was not delayed. Referring to the statement made by the Dogecoin developers, Binance CEO said:
“These statements are a pretty accurate description of what happened about Dogecoin. At Binance, we are transparent, Thank you.”
This is a fairly accurate description of what happened with #dog. We are transparent (not shady). Thank you! 🙏 https://t.co/S0AlYAq8fO
— CZ 🔶 Binance (@cz_binance) November 23, 2021
The following statements were included in the statements of Dogecoin developers facing Binance on November 11:
“1) A little over a year ago, Binance informed us that transactions were congested. These transactions were not shown to us, but it was suggested that they were ‘stuck’ due to insufficient fees…
2) Binance has chosen to resend/rebroadcast these trades. We have instructed Binance to use the inputs of stuck trades to force them to be overridden by backup trades. We were not informed about whether they followed these instructions…
3) Binance then informed us of account reconciliation issues. We were not able to reproduce these issues with the data given to us by Binance, but suggested (months ago, now) issuing -zapwallettxes to mitigate the issue…
4) Yesterday we were informed that previously stuck transactions (insufficient fee) were suddenly transferred successfully after the 1.14.5 update – probably because the minimum fees were lowered in 1.14.5…
5) The only example we have from Binance is a (very low) fee transaction valid in v1.14.5 but invalid in 1.14.3 and earlier. Note, Binance has directly updated from v1.14.3 to 1.14.5 in the past few days…
6) What we believe is happening right now is that previously stuck transactions are automatically retried as every node reboots after an upgrade – and it has passed, because now the lowest fee is lower…
7) Takeaways: Invalid transactions do not have a defined timeout limit, but are often thrown out due to memory limits. But they can hang if the mempool is not maintained…
8) The correct action to cancel a transaction is to spend the inputs of the transaction to be canceled on a different transaction, which invalidates the first one…
9) For all providers concerned about static invalid transactions, we recommend stopping the nodes, removing the mempool.dat file just in case, then starting the node with -zapwallettxes….
10) Also, this should probably be done as a routine maintenance practice; especially if you know that a number of invalid transactions have been refactored.”
*Not Investment Advice.