Assets sent to a wrong recipient

A typical problem encountered when transferring assets in a blockchain is the transfer to a mistakenly entered address (wrong/mistyped wallet, recipient ID). This article explains the options a sender has when he/she runs into this, including a number of examples of wrong scenarios, and some recommendations that are generally considered useful.

Context

The nature of digital currency protocols, namely blockchains, including EON blockchain, is irreversible. Specific features that build up the strengths of a blockchain, can in some cases be the shortcomings for a sender. The key point to be considered here is the decentralization with no authority to reverse a transaction.

Scenarios

There are several scenarios of making the mistake when using Exscudo products and services. Below are the most common of them, sorted by product.

Exscudo Exchange

From one cryptocurrency address directly to another cryptocurrency address. For example, from BTC to EON, or from ETH to EON. In most cases, such transactions will be rejected automatically due to not passing the checks for a required checksum or a format of a recipient address.

2. From Bitcoin to Bitcoin fork, or the other way around. For example, from BTC (Bitcoin) to BCH (Bitcoin Cash). It is technically possible to convert them back using dedicated services, while format of the addresses is similar. The same goes for ETH (Ethereum) and ETC (Ethereum Classic).

3. From EON mainnet (https://my.exscudo.com) to EON testnet (https://test.exscudo.com). These platforms are similar in functionality except that the second one (testnet) is for the test purposes only, meaning no real coins can be transferred to it. While a transaction from EON mainnet to EON testnet will be successful, a transaction from EON testnet to EON mainnet will be rejected. A refund in this case is possible, it may lead to a time-consuming procedure involving time consuming communication with Exscudo support team.

Channels app

A mistyped recipient ID. It is therefore recommended to use an alternative method of entering the ID: via a QR code or from Channels contacts.

Desktop client

A locally installed desktop EON client may be used to transfer assets to specified recipient IDs. Hence, the above scenario for Channels wallet is as well applicable in this case.

Recommendations

  • Hold your own private key (seed) in a safe place, so that nobody except you has access to.
  • Keep your funds in wallets you trust and have control over.
  • Read all notifications while making any transactions involving cryptocurrency. For example, like ones below:
  • To copy an address correctly, there are three different options available. The first option, use the button Copy (if available) instead of selecting and copying it by left mouse button. The second option, double-click on an address, then choose Copy in the context menu (right-click of a mouse). The third option, use clipboard shortcut Ctrl+C after double-clicking on an address. Thus, you will avoid missing some symbols in an address.
  • To paste the copied address, you can either press Ctrl+V combination or choose Paste from the context menu by right-clicking of a mouse.
  • Before submitting any transaction, double check the address.
  • For Channels app, make a backup regularly. See Backing up a secret key.

Note Even a mistyped address may be still be valid and exist, so the funds will be transferred to this address successfully and they will be lost for you forever.

In this regard, transactions cannot be canceled or reversed once sent.

If you know the owner of the destination address, you may contact him or her and cooperate to return your assets back. In the opposite case (if you do not know the receiver of your funds) there is nothing you can do.

It is essential to be attentive as much as possible while submitting a transaction and always double check an address.