24 eth instead of 24 usdt....What Will You Do If.......?

[Fivestar4everMVP]

Eh, I won't judge you if you don't return it. If you truly need it that is, and you're not really to blame if you were to ever run with it, simply because it was an error on their part and not necessarily yours. I would probably not return it if I were in your shoes, especially if the said exchange stays silent and doesn't demand a return. If they demanded, I might give in since I'm not particularly at a difficult spot, but if they don't, I don't see a reason why I should.

Heck, you can even negotiate about retaining maybe half the amount. I'm pretty sure you have the advantage in terms of negotiation power here since you have the funds, while they don't necessarily have the right to argue due to their mistake. It's really up to your moral compass on how much you're willing to return.

It's been 4 days now, the exchange has not asked for it and the lucky guy has refused to return the money, not because the exchange has not asked for it, but because he had about 0.275 eth on the exchange and some other altcoins worth about 0.7 eth, in about 1 hour after he received the 24 eth in place of 24 usdt, the exchange emptied all his wallet, he's 0.275 eth was gone, he's altcoins worth 0.7 eth was also all gone, because of this, he decided he's not going to make contact with the exchange except they contact him which I personally don't think is possible cus they don't have any of his personal information.

[Fivestar4everMVP]

Is your friend sure that it's from the exchange? they probably have experienced some bug with that withdrawal and it's obvious.

Is it possible that you can post the txid?

Sorry, I can't provide txtid cus I don't have it, but I will share the screenshot my friend shared with me, for security reason, I have to blur the addresses involved.

[BuNga_cute]

To be honest I am definitely tempted by 24 ETH, and I will consider it mine. But if the exchanges ask me to return it,
I will do it. Because from the start it was not my right. But I won't refund if not asked, I know what I did wrong.
But on the other hand it's a pretty big amount of money, and I'm just an ordinary human who has greed too.

[mersal]

Practically no one is going to return the money once they received it into their wallet and exchange also can't ask about this once the confirmation done because if the ssme mistake wss done by the user then they also just take the money from people and only in rare cases they will return it to the user.

[CryptopreneurBrainboss]

It's been 4 days now, the exchange has not asked for it and the lucky guy has refused to return the money, not because the exchange has not asked for it, but because he had about 0.275 eth on the exchange and some other altcoins worth about 0.7 eth, in about 1 hour after he received the 24 eth in place of 24 usdt, the exchange emptied all his wallet,

After reading your initial post, the good samaritan side of me kicked in, I would had returned the money assuming I didn't see the other side of the story which comes as a surprise. Thought the exchange was decentralized, how then were they able to seize or empty the account of the user?. I'll be glad if more details are reviewed like the exchange name so we can stay away from patronizing them in the future. They made an honest mistake that they can take to social media and ask for their funds to be returned.

Probably the receiver would see this new development and do the needful, which might benefit him more as the whole world will see his good deed and probably reward him more either directly from the exchange or other source. Although if at last the receiver refuse to send back the fund I won't judge him because if I was in his situation, I'll likely do the same or take back my funds and send back theirs.

[Bitcoin_Arena]

After reading your initial post, the good samaritan side of me kicked in, I would had returned the money assuming I didn't see the other side of the story which comes as a surprise. Thought the exchange was decentralized, how then were they able to seize or empty the account of the user?. I'll be glad if more details are reviewed like the exchange name so we can stay away from patronizing them in the future. They made an honest mistake that they can take to social media and ask for their funds to be returned.

Through tinkering with some code in the smart contract or something like that?
This goes to show how so many of the so-called decentralized exchanges are not actually decentralized.

If the exchange was decentralized as they claim and is using a smart contract to execute trades, deposits and withdrawals, then there was probably a mistake or bug with their exchange and like I said, there is a likelihood the person who the lucky chap traded with got screwed up. They probably just helplessly saw the 24 ETH get drained from their account instead of 24 usdt, otherwise, where else would the 24 ETH come from if not from a fellow trader

OP, if you don't mind, could you please share the name of the exchange?

[enhu]

After reading your initial post, the good samaritan side of me kicked in, I would had returned the money assuming I didn't see the other side of the story which comes as a surprise. Thought the exchange was decentralized, how then were they able to seize or empty the account of the user?. I'll be glad if more details are reviewed like the exchange name so we can stay away from patronizing them in the future. They made an honest mistake that they can take to social media and ask for their funds to be returned.

Through tinkering with some code in the smart contract or something like that?
This goes to show how so many of the so-called decentralized exchanges are not actually decentralized.

If the exchange was decentralized as they claim and is using a smart contract to execute trades, deposits and withdrawals, then there was probably a mistake or bug with their exchange and like I said, there is a likelihood the person who the lucky chap traded with got screwed up. They probably just helplessly saw the 24 ETH get drained from their account instead of 24 usdt, otherwise, where else would the 24 ETH come from if not from a fellow trader

OP, if you don't mind, could you please share the name of the exchange?

Hope he'll share the information. If giving away 24ETH just to be called DEX is thier idea, I'd be glad to trade there as well.

Decentralize excahnges are not completley decentralized some are decentralize in some degree like being a non custodial alone. But obviously there are admins in the exchange that will manage things and provide support. UNIswap I believe is more decentralized, its somewhat like the (INJ) Injective Protocol where users can even add a trading pair.

[Kupid002]

Greetings bitcoiners

I asked this same question in one other crypto forum but am yet to get answers, so am bring the same question here for your opinions and thoughts
 

So for example, you sold an altcoin for usdt in one of this semi decentralized exchanges that claim to be fully decentralized, you sold your altcoin and got a total of let's say 24 usdt, you then place a withdrawal of that full amount, instead of the exchange sending you 24 usdt, for some reason you and I don't know, they sent you 24 eth instead.

So my question is.. What will you do? Will you return the money?

And note.... This is not fictional, it happened for real to a crypto friend of mine.

So let's discuss.

I will give it back to the owner if there is away to send it back or if they send me a an email or message that they have mistakenly send the wrong  coins instead of USDT.

Thats was exchange fault how ever that's not mean you own that money  if you know who's the real owner is. it  also happen to me in 2016  one of the bounty campaign accidentally send me 2x of the amount they should send me as payment. Its   large money that I can sell that time   and convert to btc but I choose  to wait for their messeage since I know its just a mistake .

[Fivestar4everMVP]

It's been 4 days now, the exchange has not asked for it and the lucky guy has refused to return the money, not because the exchange has not asked for it, but because he had about 0.275 eth on the exchange and some other altcoins worth about 0.7 eth, in about 1 hour after he received the 24 eth in place of 24 usdt, the exchange emptied all his wallet,

After reading your initial post, the good samaritan side of me kicked in, I would had returned the money assuming I didn't see the other side of the story which comes as a surprise. Thought the exchange was decentralized, how then were they able to seize or empty the account of the user?.

This is why I initially said that the exchange is semi decentralized but claimed to be fully decentralized, any DEX where the user have to deposit ether or token before they can be able to trade it is not fully a DEX, they were able to empty the guy's wallet cus they had full access to the funds that were deposited to their exchange,

 I'll be glad if more details are reviewed like the exchange name so we can stay away from patronizing them in the future. They made an honest mistake that they can take to social media and ask for their funds to be returned.

Probably the receiver would see this new development and do the needful, which might benefit him more as the whole world will see his good deed and probably reward him more either directly from the exchange or other source. Although if at last the receiver refuse to send back the fund I won't judge him because if I was in his situation, I'll likely do the same or take back my funds and send back theirs.

Unfortunately, there was no way for them to contact they guy directly cus they had no information of him, the more unfortunate thing is that as soon as the lucky guy discovered they've emptied his wallets on the exchange, he immediately converted about 20 ether to fiat and vowed never to return it even if he was later contacted, I couldn't say much, so he doesn't think am jealous, and beside, if I was in his shoes, I would have done same, I will think about revealing the exchange...

[Fivestar4everMVP]

After reading your initial post, the good samaritan side of me kicked in, I would had returned the money assuming I didn't see the other side of the story which comes as a surprise. Thought the exchange was decentralized, how then were they able to seize or empty the account of the user?. I'll be glad if more details are reviewed like the exchange name so we can stay away from patronizing them in the future. They made an honest mistake that they can take to social media and ask for their funds to be returned.

Through tinkering with some code in the smart contract or something like that?
This goes to show how so many of the so-called decentralized exchanges are not actually decentralized.

If the exchange was decentralized as they claim and is using a smart contract to execute trades, deposits and withdrawals, then there was probably a mistake or bug with their exchange and like I said, there is a likelihood the person who the lucky chap traded with got screwed up. They probably just helplessly saw the 24 ETH get drained from their account instead of 24 usdt, otherwise, where else would the 24 ETH come from if not from a fellow trader

OP, if you don't mind, could you please share the name of the exchange?

Hope he'll share the information. If giving away 24ETH just to be called DEX is thier idea, I'd be glad to trade there as well.

Decentralize excahnges are not completley decentralized some are decentralize in some degree like being a non custodial alone. But obviously there are admins in the exchange that will manage things and provide support. UNIswap I believe is more decentralized, its somewhat like the (INJ) Injective Protocol where users can even add a trading pair.

Yeah, most of decentralized exchanges that claim to be fully dex are not exactly that which they claim to be, can you believe that when the lucky guy requested to withdraw the 24 usdt, the withdrawal request was put on manual verification, the guy was like, how can a 24 usdt withdrawal request be put on manual verification,? The guy kept silent even though the thought of contacting the exchange had crossed his mind several times, after about 3 hours, 24 eth was sent to his wallet instead of 24 usdt.

So, I personally think that this is as a result of a bug in their system, maybe the system saw usdt as eth and the management thought it was actually eth the guy wanted to withdraw.

[pragna]

Greetings bitcoiners

I asked this same question in one other crypto forum but am yet to get answers, so am bring the same question here for your opinions and thoughts
 

So for example, you sold an altcoin for usdt in one of this semi decentralized exchanges that claim to be fully decentralized, you sold your altcoin and got a total of let's say 24 usdt, you then place a withdrawal of that full amount, instead of the exchange sending you 24 usdt, for some reason you and I don't know, they sent you 24 eth instead.

So my question is.. What will you do? Will you return the money?

And note.... This is not fictional, it happened for real to a crypto friend of mine.

So let's discuss.

Icould not understand how it happened because 2 wallets are different like USDT and ETH wallet. But if that mistaken happen i must connect to CEO of that exchange and try to back the ETH because that is not my money or eth. Honesty need every where and it can not earn by money. So i will request to everyone about it.

thanks.

[Strongkored]

A few years ago there was an exchange (CEX) that had bugs, I don't know if it happened to all pairs but the bugs I know are on BTC to Altcoin, when you place a sell order and cancel it then your coins will increase more than 70% there are traders who tried to withdraw the coins and it was successful sent to wallet.

Back to the topic, I would choose to return it even if the value could make a difference to my finances and I will not consider that as luck, but more to prove someone greedy or not.

[goldade]

Greetings bitcoiners

I asked this same question in one other crypto forum but am yet to get answers, so am bring the same question here for your opinions and thoughts
 

So for example, you sold an altcoin for usdt in one of this semi decentralized exchanges that claim to be fully decentralized, you sold your altcoin and got a total of let's say 24 usdt, you then place a withdrawal of that full amount, instead of the exchange sending you 24 usdt, for some reason you and I don't know, they sent you 24 eth instead.

So my question is.. What will you do? Will you return the money?

And note.... This is not fictional, it happened for real to a crypto friend of mine.

So let's discuss.

In a situation such as this, one is faced with a very tough decision and it is only one's moral and religious standard that best influences one's decision.
24 ETH, about $9000, is a huge sum of money in my country. Personally, I will return it not forgetting how difficult that would be.
I, however, think I should get a compensation fee for returning the money. I'm sure not everyone would return such amount and I should be praised for doing that.

[BTCappu]

24 Ethereum now is more than $9,600 and what you sent to them is 24 USDT which is worth $24. To be sincere I am going to have difficulties in making a decision in a case like this, and to make it worse, if you tell your friends they will say things like “well you’re a lucky man, so why give it back?”

But with my church mind, I am definitely going to say that you should give it back to them and collect what is right. Then the question is how many of us will be ready to give it back to them? But I’d still say that you should listen to the voice within you and do what’s right.

[Oilacris]

To be honest I am definitely tempted by 24 ETH, and I will consider it mine. But if the exchanges ask me to return it,
I will do it. Because from the start it was not my right. But I won't refund if not asked, I know what I did wrong.
But on the other hand it's a pretty big amount of money, and I'm just an ordinary human who has greed too.

99% of us people wont really return this money for sure.This is indeed a big money on where most people cant really even earn for sometime no matter how hard they do their 8-5 jobs.

It might be sound harsh but people are naturally greedy and theres no way that people cant just easily slip that big amount into their hands which they would rather consider it as a blessing instead.

I highly doubt to those people who do tell that they would return the amount that had been accidentally been sent out but when you are in the actual situation then i would say that
honesty will really be in big question.

[BlazingHashes]

Wow, first of all, I believe this is a true story, but it's not 24 eth but my friend once had such an experience, he pulled out about $ 45,000 from an exchange instead of $ 2,000.

I also don't think this is a story that should be used to judge one's personality. They are not intended to steal or deceive, but it is difficult to resist the temptation of not a small amount. No matter what, if the opportunity is not of one person, it will also come to another. So the best way is to quickly pull it out, use it to stabilize your life, keep investing. And when you have a strong financial position, give a small deduction to public service or charity.

[iamsheikhadil]

The fact is if the exchange is KYC based, definitely the exchange will come after the person if they don't return the funds lmao. 22 eth is a substantially good amount.

But as an ethical person, I'll simply return it. Why would I make loss to a platform that is a genuine business and through which I make genuine earnings? I would never do that!

I'm sure, when I return the 22 eth, the exchange will definitely gift me something in return even if they don't, it's ethical and moral for any sane person to return it back

[enhu]

To be honest I am definitely tempted by 24 ETH, and I will consider it mine. But if the exchanges ask me to return it,
I will do it. Because from the start it was not my right. But I won't refund if not asked, I know what I did wrong.
But on the other hand it's a pretty big amount of money, and I'm just an ordinary human who has greed too.

99% of us people wont really return this money for sure.This is indeed a big money on where most people cant really even earn for sometime no matter how hard they do their 8-5 jobs.

It might be sound harsh but people are naturally greedy and theres no way that people cant just easily slip that big amount into their hands which they would rather consider it as a blessing instead.

I highly doubt to those people who do tell that they would return the amount that had been accidentally been sent out but when you are in the actual situation then i would say that honesty will really be in big question.

Lol  Don't lose hope for humanity brow. There are good people still, it may bve hard to beleive but deep down inside these people there is a good intention to return back the coins. Circumstances though can change minds of individuals, there is the need to weigh-in for them whether to return or not. Its tempting because its a big amount.

[tippytoes]

To be honest I am definitely tempted by 24 ETH, and I will consider it mine. But if the exchanges ask me to return it,
I will do it. Because from the start it was not my right. But I won't refund if not asked, I know what I did wrong.
But on the other hand it's a pretty big amount of money, and I'm just an ordinary human who has greed too.

99% of us people wont really return this money for sure.This is indeed a big money on where most people cant really even earn for sometime no matter how hard they do their 8-5 jobs.

It might be sound harsh but people are naturally greedy and theres no way that people cant just easily slip that big amount into their hands which they would rather consider it as a blessing instead.

I highly doubt to those people who do tell that they would return the amount that had been accidentally been sent out but when you are in the actual situation then i would say that honesty will really be in big question.

Lol  Don't lose hope for humanity brow. There are good people still, it may bve hard to beleive but deep down inside these people there is a good intention to return back the coins. Circumstances though can change minds of individuals, there is the need to weigh-in for them whether to return or not. Its tempting because its a big amount.

I still believe that the good side of humanity still exists. If you are a person that had upbringing of sticking to your principles no matter what the circumstances are laid onto you, I believe you will do the right thing. Because you can't live from that money that you know is not yours. It is better to live a modest life rather than live in a semi-comfortable one that you know it is not your hard-earned money. So basically, your principles in life here is really tested.

[GreatArkansas]

The fact is if the exchange is KYC based, definitely the exchange will come after the person if they don't return the funds lmao. 22 eth is a substantially good amount.
(....)

The problem is the said exchange is decentralized, as OP said.
So the difficult part here is how the exchange contacts the owner of Ethereum address.

Since there is no information on the owner of the ethereum wallet, so there is also no way that the exchange knows the owner.

For me, to be honest, I will think that it will become a lesson for the exchange itself if they were already known that was a bug, it's like it is already a loss of them because of their fault also, although we can't really sure 100% on every system, there will be always a hole.