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Title: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: Angelitobtc on June 17, 2018, 06:43:34 PM Hello everyone.
Let told you my big mistake: I transferred funds from my Wirex BTC account to my Tether Bittrex account, yes, big mistake, my questions: Can I get back my funds? If yes, how? Wirex told me that the transaction has been completed, and Bittrex told me that the just can try to get back my money is the transaction I over 5000$. In blockchain the transaction status is (Gastado). What can I do? Many Thanks and have a nice week, Angelito Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: Xynerise on June 17, 2018, 07:23:35 PM Technically, Bittrex can recover your Bitcoins but that would be at a security risk to them as they would have to import the private key for their usdt wallet into another Bitcoin wallet, which threatens the safety of the private key which is why they'd only do that if the amount exceeds $5,000 (https://support.bittrex.com/hc/en-us/articles/115000961172-Bittrex-s-Crosschain-Recovery-Policy)
Only Bittrex can help you because only them have the private key to that address. If they refuse to help you because your transaction is joy up to their limit, then there's nothing you can do. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: LoyceV on June 17, 2018, 07:32:04 PM What can I do? If your transaction is under $5000, you can only hope Bittrex will at some point change their cross chain recovery policy (https://support.bittrex.com/hc/en-us/articles/115000961172-Bittrex-s-Crosschain-Recovery-Policy).Public pressure may help, but ultimately it's the shitcoins that are to blame for using the same address format as Bitcoin. I can imagine exchanges creating an "annual cross chain recovery day", in which they handle all requests from the past year. Technically, Bittrex can recover your Bitcoins but that would be at a security risk to them as they would have to import the private key for their usdt wallet into another Bitcoin wallet This explains it nicely (it's about Kraken but Bittrex will use similar security measures):This is what Kraken replied to me: "You are absolutely correct about us possessing the private keys in this circumstance. That being said, it isn't as straight forward as you might think. Kraken is a cryptocurrency exchange and the nature of cryptocurrency exchanges are wholly different from the experience you might have with a personal wallet where you have easy access to the private keys. With things like the theft of Mt Gox, the internal compromise of Shapeshift, the social engineering of BitPay, and others, we must put security as the paramount concern. As such, our exchange is setup in such a way that nobody within Kraken can unilaterally move funds. We believe that this is a very important protection that makes it extremely difficult for client funds to be stolen by external or internal parties. Only a very small group of people at Kraken (devs) have the ability to access your funds given an auditable thorough process of checks and balances. This makes the process extremely resource (time) intensive for the devs that have very full plates and very little time to dedicate to any specific task. They must prioritize all of our tasks internally and the requests of clients as best they can. We think that the prioritization of improving our UI/UX as to avoid these type of mistakes will show the greatest dividends for our clients. For what it's worth, Kraken made an exception: In this case we have decided that we are going to make an exception to our general policy of not recovering crypto tokens that have been sent to the wrong address and assist you with the recovery. However, our developers, who are required to recover the funds for you, are very busy at the moment. We will have to ask you to wait a minimum of 90 days until the recovery can be attempted. These efforts will take time and may not be possible in some cases. We will give you an update only after the recovery has been completed. Please be patient as our team works to resolve your issue. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: HeRetiK on June 18, 2018, 11:14:23 AM What can I do? If your transaction is under $5000, you can only hope Bittrex will at some point change their cross chain recovery policy (https://support.bittrex.com/hc/en-us/articles/115000961172-Bittrex-s-Crosschain-Recovery-Policy).Public pressure may help, but ultimately it's the shitcoins that are to blame for using the same address format as Bitcoin. I can imagine exchanges creating an "annual cross chain recovery day", in which they handle all requests from the past year. USDT may be a shitcoin but it's a token running atop the BTC blockchain so there's little they can do about the address format. That being said, sucks to see that OMNI (eg. USDT) and XCP tokens are apparently harder to recover than ETH tokens. Good luck OP. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: etherixdevs on June 19, 2018, 10:53:37 AM As USDT is part of the omni layer on th top of Bitcoin, it is not a shitcoin...
I guess the support may help, if they want to, they can recover your coins. Kepp pushing on them hard Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: suchmoon on June 27, 2018, 09:33:11 PM If your transaction is under $5000, you can only hope Bittrex will at some point change their cross chain recovery policy (https://support.bittrex.com/hc/en-us/articles/115000961172-Bittrex-s-Crosschain-Recovery-Policy). What if there are multiple TXs totaling > $5000? Not that I would suggest the OP to throw more money at it, besides there is a 0.1 BTC fee AND it has been more than 7 days from the first deposit so it's pointless anyway... but the policy doesn't specifically say if it applies to one TX or any TXs sent to a deposit address. Recovery effort would be the same for any number of TXs. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: LoyceV on June 28, 2018, 05:46:32 AM What if there are multiple TXs totaling > $5000? Not that I would suggest the OP to throw more money at it, besides there is a 0.1 BTC fee AND it has been more than 7 days from the first deposit so it's pointless anyway... but the policy doesn't specifically say if it applies to one TX or any TXs sent to a deposit address. Recovery effort would be the same for any number of TXs. The deposit has to "exceed $5000 at the time of deposit" (source (https://support.bittrex.com/hc/en-us/articles/115000961172-Bittrex-s-Crosschain-Recovery-Policy)), making another deposit doesn't change that.I'd say it would be an incredibly stupid thing to try, as they may not appreciate you trying to trick their policy and only recover the biggest amount, but if someone is willing to risk it, please post the results :P Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: bob123 on June 29, 2018, 02:18:51 PM The deposit has to "exceed $5000 at the time of deposit" (source (https://support.bittrex.com/hc/en-us/articles/115000961172-Bittrex-s-Crosschain-Recovery-Policy)), making another deposit doesn't change that. I'd say it would be an incredibly stupid thing to try, as they may not appreciate you trying to trick their policy and only recover the biggest amount, but if someone is willing to risk it, please post the results :P What if OP accidentally again sends an amount which is >5000$ ? Would someone (Bittrex) really assume OP is trying to 'trick their policy'? I'd rather think the customer is super stupid instead of 'clever enough to figure out a way how he could lead bittrex to access those wrongly sent funds'. In this case they would have to recover those 5k. And if they are doing this.. it would be really cocky not to recover the first amount too (which does not increase the effort). I'd not recommend doing this. But it is worth thinking about it. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: bitmover on June 29, 2018, 07:04:23 PM In this case we have decided that we are going to make an exception to our general policy of not recovering crypto tokens that have been sent to the wrong address and assist you with the recovery. However, our developers, who are required to recover the funds for you, are very busy at the moment. We will have to ask you to wait a minimum of 90 days until the recovery can be attempted. These efforts will take time and may not be possible in some cases. We will give you an update only after the recovery has been completed. Please be patient as our team works to resolve your issue. This is ridiculous. 90 days is too much time. They could charge for that service and recover the coins in a reasonable time. I usually hate regulations, but I feel that those exchanges are abusing this clients. Maybe some regulation, specially regarding exchanges, could make some improvements regarding their relationship to investors. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: Lucius on June 30, 2018, 10:02:58 AM This is ridiculous. 90 days is too much time. They could charge for that service and recover the coins in a reasonable time. I usually hate regulations, but I feel that those exchanges are abusing this clients. Maybe some regulation, specially regarding exchanges, could make some improvements regarding their relationship to investors. Anyone who make such mistake should be happy if ever get the opportunity for recover coins, it is not question of good or bad customer support, but the issue of security for every exchange. I can only imagine how many users send their coins to wrong address each day, and the procedure that is needed to fix such mistakes demands knowledge and time. Is it so hard to check address before sending, not once but three of maybe five times? I've been in crypto for years, one of first thing I learn is to always check sending/receiving address many times before sending or receiving coins. Title: Re: Big Mistake, transaction from BTC to Tether (USDT), please help. Post by: LoyceV on June 30, 2018, 10:20:41 AM This is ridiculous. 90 days is too much time. They could charge for that service and recover the coins in a reasonable time. I agree with Kraken's decision here. Recovering funds is a security risk, and it makes sense to do that in batches. I think it would be a huge improvement if all exchanges have a Cross Chain Recovery Day once or twice a year, in which they recover funds for all addresses at the same time.Quote I usually hate regulations, but I feel that those exchanges are abusing this clients. Maybe some regulation, specially regarding exchanges, could make some improvements regarding their relationship to investors. Think of it like this: You enter a company's building, and drop a golden ring through a crack in the floor. To recover it, they need to break the floor open. |