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Author Topic: I accidentally sent Litecoin to my Bitcoin address. What should I do?  (Read 138 times)
kakonhat (OP)
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October 20, 2020, 04:13:37 AM
 #1

Two days ago accidentally I sent my Litecoin from an exchange account to another exchange account. But I made mistake when I sent my litecoin. I putted BTC address to send my LTC. But the system didn't warn me about the wrong address. Even the withdraw was done successfully. And the exchange show me the Tx for the successful transaction.

The bitcoin wallet address started by 3

I checked that tx in Bitcoin Network but there is not exist that Tx. But the Tx exist in Litecoin network but my fund is transferred to an address which is started by M

I checked my wrong Bitcoin address in https://litecoin-project.github.io/p2sh-convert

and I saw my the Bitcoin address converted that litecoin address where my fund is transferred.

Now, Can I get back fund? Who can help me to get back my fund A exchange (from where I transferred) or B exchange (to where I sent)?

pooya87
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October 20, 2020, 04:16:28 AM
 #2

Who can help me to get back my fund A exchange (from where I transferred) or B exchange (to where I sent)?
the exchange that received the transaction is the only one that can help you because they have access to the private keys of the receiving address and have to do the import from one wallet to another.

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Charles-Tim
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October 20, 2020, 10:35:10 AM
 #3

Thanks to pooya87 and ETFbitcoin. But, I do not know why exchanges are still make use of the 3-prefix litecoin addresses, litecoin users do make such mistakes by sending litecoin to bitcoin address or sending bitcoin to litecoin address, that is why developers have come to the invention of litecoin P2SH converted that can convert the litecoin 3-prefix address to M-prefix address. The M-prefix address can be easily differentiated from bitcoin 3-prefix address, and also that the M-prefix litecoin address is not valid on bitcoin blockchain. Although, user can either send to the M-prefix or the corresponding 3-prefix and will reflect on the wallet or exchange.

Avoiding User Error
In order to resolve this confusion, the Litecoin community developed a new address format that is prefixed with M, a format that would not be valid on Bitcoin. The underlying private and public key pair are the same, but the hashing algorithm for displaying the public key is altered. This means that 3- and M- addresses are both interchangeable for the purposes of movement of funds on the Litecoin blockchain. This simple change drastically reduces cases of erroneous cross-chain transfers.

To help Litecoin Futures traders avoid loss of funds, we use P2SH-P2WPK deposit addresses with the M prefix. We believe this strikes the right balance of supporting Segwit on the Litecoin network as the community wants, while minimising issues of wallet compatibility that Bech32 address format has.

Wallet/Exchange Compatibility
However, some users may still be using wallet software or exchanges which do NOT support sending LTC to M-prefixed addresses. As a result, you may need to convert the M-prefix deposit address on Crypto Facilities to a corresponding 3-prefix address in order to transfer funds. To easily convert between the standard 3-prefix P2SH address format to M-prefix, you can use this open source tool provided by the Litecoin Foundation: https://litecoin-project.github.io/p2sh-convert/  The source code can be viewed here: https://github.com/litecoin-project/p2sh-convert

Example
Lets say your deposit address on Crypto Facilities is: MV5rN5EcX1imDS2gEh5jPJXeiW5QN8YrK3. Now you go on your favourite exchange and request a withdrawal to this address. But you get a validation error saying this is not a real Litecoin address. As a result, your withdrawal is rejected. To resolve this, all you have to do is convert this M-prefix address to its 3-prefix address. When you convert it, it displays: 3Nsi4BpeZtsLQvkn8p6PZfHFPoUxKbJ1YY

These two addresses are interchangeable. If you send 1 LTC to the 3-address, it will be the same as if you send to the M-address, the underlying keys are the same. The only difference is that some wallets support only 3- and not M-. If you find yourself in this situation, encourage your wallet provider or exchange to upgrade their Litecoin Core node to the latest version and use the converter tool to accomodate the transfer in the meantime.

https://cryptofacilities.zendesk.com/hc/en-us/articles/360006040974-Litecoin-Address-Format

The converter is open source and you can check the source code using the link above.

https://litecoin-project.github.io/p2sh-convert/

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October 20, 2020, 11:23:11 AM
 #4

Now, Can I get back fund? Who can help me to get back my fund A exchange (from where I transferred) or B exchange (to where I sent)?
It's a case by case thing and it also depends on the exchange you sent the funds to. There is a chance they could help you recover your Litecoins if the amount you sent to the wrong address if a lot. Of course, it will have to be at a fee. In your case, it's exchange B to help you. Contact their support to know if there is a possibility of recovering your Litecoins.

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kakonhat (OP)
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October 21, 2020, 05:08:18 AM
 #5

Exchange "A" Says, we have sent successfully the transaction and exchange "B" says if you send your fund to the wrong address we can't fix this.
Very interesting no one will take any responsibility for this. Terrible things.

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October 21, 2020, 07:10:09 AM
 #6

Very interesting no one will take any responsibility for this. Terrible things.
Well, that should be expected. Users are responsible for making sure they send it to the correct address. Exchange A probably should have a better address checking in place but they'd always argue it's your own mistake. Sorry for your loss, make sure to double-check next time.

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