Accidentally send erc20 to kraken eth address

[Lordhermes]

Sorry Buddy, I don't think Kraken exchange has nothing to do with, otherwise tells you to be careful when performing transactions, but I just hope you will be answered,

What if I want to close my account.
Will they get my private keys ?
This makes me nervous a bit

This act isn't necessary, and I don't think your funds it will be recovered either, I have perform this silly act before by transferring AENCO to wrong address in Kucoin from MEW, the money was gone forever till today,

[1715119801]

1715119801

[1715119801]

1715119801

[1715119801]

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[funcho]

i had a case personally where kraken recovered sai to dai
this process took many month and without notice

btw i have a question .. whats the higher authority for exchanges operating in the usa
is it the sec or finra ?

[manzvm2]

Hi, any updates on your case? Have you been refunded?
I did the same mistake today: sent 4.88 PaxGold (about 10 000$) to my Kraken ETH address. Now I can't access my funds. I can see the transaction was successful on ETH blockchain.
Contacted Kraken support already. 

[funcho]

we formed a telegram group
we must do this in teamwork


step by step
Kraken Deposit Recovery Group

also in reddit are many people with the same problem ,, this can not be happening

[manzvm2]

Keep contacting them everywhere you can and don't give up easily. $10k might be enough to try legal action if you can figure out which jurisdiction is applicable. Kraken could at least state how much they want to charge to recover the funds and do it once in a quarter to a batch of users.

It's a risky job for them. To recover this amount they have few hundred thousands dollar worth of coins will be at stake. Depending on their setting it could be very complicated because I am sure in their cold wallet not one person is holding the keys. But again for a person, $10k is a very good amount of money. And considering this, I hope Kraken will take the risk and help the user to recover his fund.

Most do but recovering wrongly sent funds must be something hard for them to do. But try talking your luck with the support though your chances are very low. I don't remember a case where someone successful recovered their money.

I too do not remember any such cases to be resolved but again I have never seen such amount too. So best of luck.

How is it a risky job for them? There are no other funds on my ETH address other than PaxGold worth of 10K$... It is not like a collective ETH address with millions of funds from other users on it. You only need to deposit enough ETH for gas and a private key. Should only take a few minutes. I understand because of complex audits and security measures it may take a while to arrange. But once it is all set, accessing my funds does not put other users' funds in danger.
And this is not like the case of BTC recovery from a BCH address. It is all on one chain and ERC-20 tokens are fully compartible with ETH addresses.

[AB de Royse777]

How is it a risky job for them? There are no other funds on my ETH address other than PaxGold worth of 10K$... It is not like a collective ETH address with millions of funds from other users on it. You only need to deposit enough ETH for gas and a private key. Should only take a few minutes. I understand because of complex audits and security measures it may take a while to arrange. But once it is all set, accessing my funds does not put other users' funds in danger.
And this is not like the case of BTC recovery from a BCH address. It is all on one chain and ERC-20 tokens are fully compartible with ETH addresses.

Assume you own an exchange. Who has the private key of all the address of the exchange? You or other employees who you trust (maybe). I do not know how they handle the private keys, but I know for sure that it requires them a special team. A random employee can just steal all the coins from those address if they have the private key.

Now to protect assets this special team obviously knows the risk and reward factors just to give away a private key to a client. Maybe they require complex protocol which is expensive or they would not emphasize too hard warning their users not to send coins to a wrong address.

[logfiles]

<...>

The type of hot wallets exchanges use are mostly HD wallets therefore. It's not just one address whose seeds are going to be exposed. It will be thousands of address of different accounts and by trying to recover only $10K. Risking millions of people's asset because of 1 person's assets that's not even listed in the exchange is a no-go area for most exchanges.

[funcho]

why all major exchanges can manage to give a client 1 eth address and catch all erc20

only kraken not !

giving no eta of solving this is just very weak

[stomachgrowls]

why all major exchanges can manage to give a client 1 eth address and catch all erc20

only kraken not !

giving no eta of solving this is just very weak

Havent resolved yet? Seen this issue posted on last year of September.It seems they dont have plans on helping or resolving the issue.

This is why we should really be careful on sending out tokens that should really be specific on particular blockchain or on whats been instructed or being cautioned to avoid with these kind of incidents.

There are lots who had similar issues but honestly this is due to human or user error but at least they should have some time on recovering those.

[sheenshane]

why all major exchanges can manage to give a client 1 eth address and catch all erc20

only kraken not !

giving no eta of solving this is just very weak

It seems I heard different issues the same as yours and there's no clear answer from them if the problem has been resolved.  The same happening on this Reddit thread that I have found and it was posted two months ago, someone Kraken staff answered there but there's no clear response at the end if the problem has been fixed.

This is might very risky for them to recover your fund and might lead them to be compromised their hot wallet, if I'm not mistaken, they ask for payment for this and if you are willing to pay, probably there could be a chance.

[manzvm2]

<...>

The type of hot wallets exchanges use are mostly HD wallets therefore. It's not just one address whose seeds are going to be exposed. It will be thousands of address of different accounts and by trying to recover only $10K. Risking millions of people's asset because of 1 person's assets that's not even listed in the exchange is a no-go area for most exchanges.

Ok, maybe I don't get something simple. I have one ETH address in my Kraken account unique only to me. Blockchain tells me, there is only my mistakenly sent PaxGold on this address (listed on Kraken btw). Every address has one unique seed attached to it, correct? Can't Kraken just go to My Ether wallet, enter private key or seed and access my funds?

When I withdraw crypto from my Kraken account, is not seed or private key required for that? So there must be an algorithm which uses it at the time of withdrawal?

[canyalos1]

Hi, I accidentally sent btc from my binance account to my Poloniex usdt wallet (omni) .. About of 64 days they didnt solved my issue.. 10 days ago 0.4 btc was 24k usd but now 14k usd. Exchange company want that users did mistakes.. I am tried to wait and they dont give me any time line to solve my problem..

here is my topic : https://bitcointalk.org/index.php?topic=5329770.0;all

[eduelias]

we formed a telegram group
we must do this in teamwork


step by step
Kraken Deposit Recovery Group

also in reddit are many people with the same problem ,, this can not be happening

Hi! It just happened to me also, can I be part of the group? How can I join? Thanks!

[martincrypto]

I made the same mistake in April 2021, transferring a sickening amount of SNX, UNI, and GRT to Krakens Etherum address instead of the individual tokens addresses.

GREAT NEWS THOUGH!!!

Kraken just recovered all my tokens!  They are worth a shitload less than they were at the time I made the transfer, but I'm amazed and thankful to Kraken for recovering them. I watched the price plummet, then soar to new highs and plummet again and was sick each time, what a rollercoaster.

There is hope for everyone in this situation (at least with Kraken), they are obviously going through their wallet and rectifying these mistakes now that they have a unified wallet for Etherum and ERC20 tokens

https://support.kraken.com/hc/en-us/articles/4410585641108-Important-change-to-ETH-and-ERC-20-deposits

Good luck to the rest of you.