Over the years, many have continued to ask how they can successfully retrieve crypto sent to the wrong network. Recall that due to the irreversible nature of crypto, it is grossly impossible to cancel transactions when initiated. This thus causes intense anxiety and sometimes depression particularly if the worth of the assets involved is huge. Although there are tips that can be followed to perhaps recover these funds, it is always better to prevent it from happening.
So, as a user, it is pertinent that you verify and confirm the network you wish to deposit from. Most of the mistakes usually occur due to the fact that users; sometimes, mismatch networks. For instance; users may mistakenly pick BEP-20 whereas they intend to select ERC-20. It is important to note that BEP-20 is built on the BSC chain while ERC-20 is running on Ethereum. When this happens; one may end up depositing on the wrong network. However, you don’t need to panic when it happens.
Recovering lost crypto
There are various options for finding lost cryptocurrency assets. It varies based on the token involved, medium of storage, and nature of the loss. Also, It can be a little bit tricky to reclaim misplaced crypto assets from non-custodial wallets. This is due to their decentralization which eliminates a central body or system that helps oversee every transaction and other activities on the platform.
Cryptocurrency exchanges in a bid to facilitate the global adoption of virtual assets have incorporated features that could help users reclaim their lost tokens. For instance, Coinbase has an in-built feature that helps customers lay claims to their misplaced assets. However, the feature is limited to certain ERC-20 tokens, and users from Japan cannot access it.
Through Coinbase, users must access the exchange via a web browser as the feature is not available on the mobile application of the cryptocurrency exchange. Users must go to the recovery page, input the Ethereum transaction hash ID and the crypto address that received the wrong token.
The platform will then trace the transaction. Additionally, once it has been found, the user will then connect a self-custodial wallet of their choice. Meanwhile, in a situation where such a user doesn’t have a self-custodial wallet, the subscriber can open one with the crypto exchange. Thereafter, the platform will pop up an option for the user to review the transaction summary, consider its associated fee, and then proceed to complete the transaction.
Conclusion
Basically, users cannot receive tokens sent to the wrong addresses. The emergence of various technological solutions has seen platforms advance their game to help users reclaim their stolen assets. This is due to the dynamism of the blockchain and the efforts of developers.
Like Coinbase, other platforms like Blockchain.com can as well help users reclaim their tokens. Only that they must pay a certain amount as a service fee. Above all, investors and coin holders must be careful. They must thoroughly check the destination address of the wallet before sending it. Losing crypto assets are avoidable as long as security mechanisms protecting such tokens are intact.Â
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