What are the recovery options for erroneous cryptocurrency transactions?

The potential for recovering funds sent incorrectly in crypto transactions depends largely on several factors. Here is a simplified guide to help you understand when recovery might be possible and when it might not:

Scenario Can Funds be Recovered? Explanation
Funds sent in a cryptocurrency we don't support No We can't recover coins of a type that we don't support, regardless of the network they were sent on.
Funds sent in a cryptocurrency we do support, but on a network we don't support. No Even if we support the coin, if it's sent on a network we don't support, we can't recover the funds. Exceptions apply.
Funds sent in a cryptocurrency we support to a wrong network we also support Yes, but with a significant delay If we support both the coin and the network it was mistakenly sent to, we have the technical capacity to recover the funds. However, this can be a lengthy process and may take a considerable amount of time.
Funds sent in a cryptocurrency we support, on a network we also support, but to the wrong address that is owned by us. Yes In this case, we have the ability to recover the funds as long as the address the funds were sent belongs to us. e.g sent to an old payin address.
Funds sent to an address not belonging to us No If the funds were sent to an address that doesn't belong to us, we can't recover them.
Funds withdrawn to an incorrect wallet address No Once a withdrawal is made to an incorrect wallet address, we have no control over those funds and can't recover or reverse the payment.
XRP sent to the wrong or no destination tag Usually Yes In best-case scenarios, such as with XRP sent without or with the wrong destination tag, our finance team can usually recover the funds.
USDT over ETH or TRON.
Quote accepted to pay via TRC20 however the end user accidentally sends over ERC20
Yes We accept only ERC20 And TRC20 transactions for USDT. In the case the client accepts a quote to pay via TRC20 but instead pays over ERC20 we are able to recover these funds.

As always, it's vital to double-check all transaction details before sending. Remember, we don't provide an SLA for the retrieval of funds sent incorrectly due to the complexity and time-consuming nature of the process.

More

Was this article helpful?
1 out of 2 found this helpful

Comments

0 comments

Please sign in to leave a comment.