Funds went missing on a transfer from Binance to Coinbase

[brozirish]

Hi there,

I transferred USDT from my binance account to my Coinbase wallet 2 days ago but nothing has arrived. I think I may have chosen the wrong transfer network from the drop down menu on binance. Transfer is down as completed on binance. I tried contacting Coinbase support but have had no response. Anyone able to help me please.... as it was a significant amount??

[1715598377]

1715598377

[1715598377]

1715598377

[OmegaStarScream]

And by Coinbase, you mean their mobile non-custodial wallet? If not then, I could be wrong but looking at the trading pairs for both of their platforms:

https://help.coinbase.com/en/coinbase/getting-started/general-crypto-education/supported-cryptocurrencies
https://help.coinbase.com/en/pro/trading-and-funding/cryptocurrency-trading-pairs/locations-and-trading-pairs

It looks like they don't even support USDT.

Also, I don't think this has anything to do with choosing the wrong transfer network because Binance's smart chain, ETH, and TRON addresses do not look the same and if you select a network and paste an address, you will notice that there is an error message.

[Coyster]

Afaik, coinbase wallet doesn't support USDT, so your funds are stuck and cannot enter your wallet, neither have you got your private keys since it's a custodial wallet. You just have to contact coinbase support team to see if they are going to help you with your stuck funds, that's the only way to recover your funds.

[TheBeardedBaby]

Coinbase have their own sable coin USDC. And unfortunatly this is what is sayin on the website:

Do not send USDC to any Coinbase wallet addresses other than your USDC wallet. Coinbase will not be able to recover tokens sent to the wrong address.

I guess it's the same if you send other tokens to their address.
Source> https://help.coinbase.com/en/coinbase/getting-started/general-crypto-education/usd-coin-usdc-faq
You can check with binance support and see what the can do.

Trace the coins you sent here > https://www.omniexplorer.info/

[OmegaStarScream]

-snip-

Trace the coins you sent here > https://www.omniexplorer.info/

Assuming that he sent the funds to a USDC address, he'll have to use Etherscan or Ethplorer. Omniexplorer is for tokens built on Bitcoin's blockchain.

[JeromeTash]

This is why non custodial wallets are a much better option for users especially if one is looking to store the coins and not trade them off immediately. Also knowing if the exchange or wallet supports the coin you are sending to them is a must otherwise sorry OP.

[sheenshane]

"USDT is a token that attempts to be tied to the US dollar. Ideally, this means that 1 USDT trades on exchanges at a value of exactly US$1.00. Please note that Coinbase does not support USDT — do not send it to your Bitcoin account on Coinbase".

Sorry for your loss because the USDT that you have sent to the Coinbase wallet address is gone. As mentioned above, Coinbase has its own stable coin and that is USDC and unfortunately, they didn't support USDT.

This is what the consequences if you aren't read the TOS or even the FAQ on the exchange before using, custodial wallet isn't a problem if you will read first those terms and conditions of the site. Don't expect too much if their support will respond this problem, they might be pointed out the terms if you read properly before using, sounds like, it could be possible a trap for the new users who didn't read the terms.

[joniboini]

I think this will be another loss cause. In most cases, exchanges won't help you if you send the funds to a wrong address, even if they did, that just count as a good act and not necessarily an obligation.

I think there's no need to stress further that you should always double check the address, the tokens, etc. Most exchanges give you at two step verification to prevent this from happening.

[brozirish]

Thanks for your replies.

Sheenshane- If they don't support USDT why does the coinbase wallet list it as an option when you click on the receive funds?

Also, the address I sent it to was correct- I just chose BEP instead of one of the other options.

[hosseinimr93]

Also, the address I sent it to was correct- I just chose BEP instead of one of the other options.

Are you sure you selected BEP2 when withdrawing USDT from binance?

BEP2 tokens are based on Binance blockchain. So, any address on this chain start with bnb.
Coinbase support USDC which is an ERC20 token. Since ERC20 tokens are based on Ethereum network, all USDC addresses start with 0x.

Therefore, if you get the withdrawal address from Coinbase and select BEP2 on binance, you give an error.
I am pretty sure, you withdrew the USDT tokens on Ethereum network. You can check this through your transaction history in binance.

[nc50lc]

-snip- If they don't support USDT why does the coinbase wallet list it as an option when you click on the receive funds?

To clear some loose ends, please answer this:
Are you using the "Coinbase Wallet" app instead of "Coinbase"?
Because there are two entirely different wallets that's owned by Coinbase.

If it's the former, there's a good chance that you can recover your funds; if it's the latter, it's as good as "lost".

[brozirish]

Hi nc50lc,

Yes it's the 'coinbase wallet' I sent to, not 'Coinbase'.

[logfiles]

Yes it's the 'coinbase wallet' I sent to, not 'Coinbase'.

If it's the coinbase wallet then you have a chance of recovering your USDT through the private key of the address you sent the funds to. However, on what network was that USDT you sent?
Omni Layer?
TRC20 token?
BEP2 token?
BEP20 (Binance Smart Chain)?

[nc50lc]

Hi nc50lc,

Yes it's the 'coinbase wallet' I sent to, not 'Coinbase'.

Great, now check your Binance withdrawal history to confirm what's sent to Coinbase wallet and what was the address you had used to receive the funds.
Open Coinbase wallet and check which asset has the matching address.

With those info, any Altcoin expert can guide you smoothly on recovering your funds.

Take note that you must not share the "recovery phrase" or "seed phrase", the 12-words that Coinbase wallet instruct you to write during wallet creation.
That's where all of your assets' keys are based from, given that, that's what you need to recover your funds.
(Just do not entertain PMs especially from newbies and red trust users)

[OmegaStarScream]

Okay, so I reinstalled the Coinbase wallet on my phone, funded my Binance account, bought some USDT and did some tests, and this is what I think happened (based on what you said):

As mentioned by hosseinimr93, you can't withdraw to BEP2, not when you're using an ethereum address anyway. The same applies to Omni USDT so this leaves us with two possibilities:

1. Ethereum network: If you did withdraw to that, Coinbase wallet would've shown the funds but it's possible that your wallet is not synced with the network (I doubt it though).
2. BSC (Binance Smart chain): And that's what I think happened here since Binance's smart chain addresses look similar to Ethereum's.

How to confirm which one is it: Go to your withdrawal history (https://www.binance.com/en/my/wallet/history/withdraw-crypto) and see where the TXID is leading you to. If the link is taking you to Etherscan.io, it means you withdrew the funds to Ethereum's network and the problem is coming from your wallet. If you're being redirected to BSCscan.com then it's the second possibility...

So assuming it's the latter (#2), the solution is simple (just tried it):

- Open your Coinbase wallet -> Settings (bottom right) -> Recovery Phrase and then write it down in a piece of paper.
- Install Binance chain wallet (Click on "Create/unlock wallet") and it will redirect you to the extension's page.
- Open it > "I own a wallet" > Type the seed you wrote down in the first step, choose a strong password and then make sure to select "Binance Smart Chain Network" instead of "Binance Chain network".
- Click on the "+" sign and add USDT to your account.
- Done! You should now see the USDT that you withdrew from Binance.

Now, If you want change it back to ERC20 USDT (Ethereum's network) you can send it to Binance again and then withdraw it (to ERC20 network).

Note: In order to be able to send the USDT from Binance's chain wallet, you'll have to add some BNB (Binance's Token) to it first.

[logfiles]

<...>

Nice guide @OmegaStarScream, I wish I had more smerits. I hope OP recovers the funds successfully and comes back to update us of the success story. This could be helpful to some member or guest faced with the same problem who will be searching for answers in future.

[brozirish]

Thanks everyone for your help. And especially OmegaStarScream, I followed your steps and had success.......well up to the point where I created the Binance chain wallet where I can see the USDT listed as an asset. I'm just not if this is it in my Binance Chain wallet or if it's an asset that I can bring across to it as I can't seem to do anything with it. I'm running late for work so later on hopefully I will get time to finalise what I need to do to complete the process.

Many thanks for your help everyone.

[OmegaStarScream]

Nice guide @OmegaStarScream

Thanks

Thanks everyone for your help. And especially OmegaStarScream, I followed your steps and had success.......well up to the point where I created the Binance chain wallet where I can see the USDT listed as an asset. I'm just not if this is it in my Binance Chain wallet or if it's an asset that I can bring across to it as I can't seem to do anything with it. I'm running late for work so later on hopefully I will get time to finalise what I need to do to complete the process.

If you can see the balance that you originally withdrew from Binance to Coinbase, then you should be fine. Just click on "Send", choose "USDT" as an asset, put the address (a BSC address and not an ethereum one) and the amount, then click send.

As I previously stated, you'll need to have some BNB in that wallet before you can send it to another wallet. BNB in Binance's Smart chain is like ETH (gas) for ERC20 tokens.

If you're unsure of what to do, please let us know so we can help you because if you ever send the funds to the wrong chain again (specifically to an exchange/service where you can't retrieve your private keys) then your funds will be unrecoverable.

[brozirish]

Hey OmegaStarScream,

I'm having trouble transferring the USDT out of the Binance chain wallet. The USDT is listed as an asset on the asset list but when I click send it doesn't bring it up as an option. The only option it gives me to send is the BNB that I transferred in which I need to be able to make a transfer. Also, when I bring up the asset list and it shows the USDT, I'm unable to click on it to see anything. I realise you have helped loads so far but I just can't seem to find the information of exactly why it won't allow me to select it to transfer. Your help in this final step would be greatly appreciated. Thanks.

[OmegaStarScream]

I'm having trouble transferring the USDT out of the Binance chain wallet. The USDT is listed as an asset on the asset list but when I click send it doesn't bring it up as an option. The only option it gives me to send is the BNB that I transferred in which I need to be able to make a transfer. Also, when I bring up the asset list and it shows the USDT, I'm unable to click on it to see anything. I realise you have helped loads so far but I just can't seem to find the information of exactly why it won't allow me to select it to transfer. Your help in this final step would be greatly appreciated. Thanks.

What do you mean you can't click on it? Is it greyed out? Can you please provide a screenshot of both the wallet's main page and the page where you're asked to select the assets?