Deposit USDT to my BTC wallet

[Puit]

Hello everyone,

I have a very big problem because I sent a large amount of USDT from Binance to an exchange.

The transaction was done via the Omni network but I mistakenly put the address of my BTC Wallet.
On my BTC Wallet I received only 0.0000054BTC

I contacted Binance who can't do anything but say that only the exchange can recover them.

Omni answers me:

If you have access to the private key of the receiving address then recovery should be possible. Take a look at this support article on our wiki about recovering funds from a segwit address, which appears to be what your address is. https://github.com/OmniLayer/omniwallet/wiki/Recovering-funds-from-a-Segwit-Address


I made several tickets to their support to ask them to solve my problem or to give the private key and I got answers:
_______________________________________________________________________________ _________________________

Thank you for contacting CoinList. I apologise for such a delay in response.

Upon checking your tickets it appears you have made two transactions to CoinList via the Omni chain.

I apologise for the situation but unfortunately these have not arrived to your account because you have deposited the funds to an address CoinList does not own. We currently do not have Omni support.
BTC deposits are to be made via the Bitcoin network and USDT deposits via the ERC20 network.

-> because you have deposited the funds to an address CoinList does not own! This is my BTC address on their exchange not an unknown
 one
_______________________________________________________________________________ _________________________

Unfortunately CoinList and all other exchanges will not be able to provide any secret keys to anyone as it might case security breaches.

Unfortunately we do not have the tools available to perform a recovery for funds sent via the incorrect network. We advise for future transactions to please double check the warnings on both Binance and CoinList before making these transfers. However, should you have any other suggestions please do not hesitate to let us know. I would be more than happy to share your ideas with our teams.

_______________________________________________________________________________ _________________________

This is a summary of our conversations and they close the tickets

Do you know what I can do because they make me desperate

Thank you for your help

[AB de Royse777]

Let me understand. You sent USDT from Binance to CoinList but instead of a USDT address, you sent it to a bitcoin address.

Binance are correct when they say that they can not do anything assuming the coins are gone from their wallet. What I understand is that Omni is a layer which works with bitcoin network. But I have never made any Omni transaction, so I have very little idea how it works but if this is something like you give a BTC address and the USDT goes to that address then Omni are correct when they said you need to have the private key of the address.

-> because you have deposited the funds to an address CoinList does not own! This is my BTC address on their exchange not an unknown
 one

If it's not like just send the usdt to the btc address then I guess they are meaning that it was not the USDT address (ERC20) that they own.

Do you know what I can do because they make me desperate

Chances are very slip but if the amount is huge then you can take legal action against them. But you need to have it in mind that you made the mistake.

By any chance can you post the transaction ID or the bitcoin address?

Or Go to this url: https://www.omniexplorer.info/address/<Put the BTC address>
You should be able to see if you have any USDT balance in that address.

For example check this : https://www.omniexplorer.info/search/1BBj2gVtiKXVvfNTkgtVCC2t4PEPCBkA2j

1BBj2gVtiKXVvfNTkgtVCC2t4PEPCBkA2j is s bitcoin address.

[LoyceV]

Unfortunately CoinList and all other exchanges will not be able to provide any secret keys to anyone as it might case security breaches.

This is correct. After so many exchange hacks in the past, any decent exchange now doesn't have a single employee with access to private keys. Although technically it is possible for them to recover your coins, it's risky and expensive for them to do.
Some exchanges have done it, some charge you for it, and some just don't do it at all.

if the amount is huge then you can take legal action against them.

I've never seen legal action taken in such a case. I like to compare it like this: you go to a bank, and drop a valuable coin on the floor. It rolls into a crack in the floor, and you can't reach it anymore. Now you want the bank to break open their floor to recover your coin, and even worse, their safe is right under it so they risk their security.

It makes me wonder how much money was lost by people using made-up tokens on the wrong chains!

[AB de Royse777]

It makes me wonder how much money was lost by people using made-up tokens on the wrong chains!

Most of the people are not designed to do things by their own. They always need assistant from others.

if the amount is huge then you can take legal action against them.

I've never seen legal action taken in such a case. I like to compare it like this: you go to a bank, and drop a valuable coin on the floor. It rolls into a crack in the floor, and you can't reach it anymore. Now you want the bank to break open their floor to recover your coin, and even worse, their safe is right under it so they risk their security.

Honestly speaking when you make the mistake after having warnings everywhere then you can not blame the bank for it. They need to assure that the funds are safe. Your mistake is just a collateral gain for them which maybe they don't want it either.

[LoyceV]

Your mistake is just a collateral gain for them which maybe they don't want it either.

It's only a gain if they recover it. If that's the case, they can just as well return it.

I can think of a solution: every few years, an exchange can replace all deposit addresses by new ones, and give each user the private keys to all addresses they've used. But that would lead to other problems: some users will still keep using the old address, and many people can't handle private keys in a secure way.
So I get they're not very forthcoming about this.

[DaveF]

Honestly speaking when you make the mistake after having warnings everywhere then you can not blame the bank for it. They need to assure that the funds are safe. Your mistake is just a collateral gain for them which maybe they don't want it either.

The better way to put it is, you put CASH in an locked bag and then put the bag in an envelope and mailed it someplace.

The you put the wrong address on the envelope and the person who got it does not have access to the key.

You are now asking them to hop in a taxi (spend time and money) to go to a dangerous neighborhood (risk of exposing other private keys on their end) to get your bag to a locksmith to unlock it (spend more time and money) to fix your mistake.

-Dave

[Puit]

Let me understand. You sent USDT from Binance to CoinList but instead of a USDT address, you sent it to a bitcoin address.

Binance are correct when they say that they can not do anything assuming the coins are gone from their wallet. What I understand is that Omni is a layer which works with bitcoin network. But I have never made any Omni transaction, so I have very little idea how it works but if this is something like you give a BTC address and the USDT goes to that address then Omni are correct when they said you need to have the private key of the address.

-> because you have deposited the funds to an address CoinList does not own! This is my BTC address on their exchange not an unknown
 one

If it's not like just send the usdt to the btc address then I guess they are meaning that it was not the USDT address (ERC20) that they own.

Do you know what I can do because they make me desperate

Chances are very slip but if the amount is huge then you can take legal action against them. But you need to have it in mind that you made the mistake.

By any chance can you post the transaction ID or the bitcoin address?

Or Go to this url: https://www.omniexplorer.info/address/<Put the BTC address>
You should be able to see if you have any USDT balance in that address.

For example check this : https://www.omniexplorer.info/search/1BBj2gVtiKXVvfNTkgtVCC2t4PEPCBkA2j

1BBj2gVtiKXVvfNTkgtVCC2t4PEPCBkA2j is s bitcoin address.

In fact according to my research Omni transfers USDT via the BTC network.

I just looked at https://www.omniexplorer.info/address/<Put the BTC address> and my USDT are there as well as the 0.0000054 BTC

[Puit]

Honestly speaking when you make the mistake after having warnings everywhere then you can not blame the bank for it. They need to assure that the funds are safe. Your mistake is just a collateral gain for them which maybe they don't want it either.

The better way to put it is, you put CASH in an locked bag and then put the bag in an envelope and mailed it someplace.

The you put the wrong address on the envelope and the person who got it does not have access to the key.

You are now asking them to hop in a taxi (spend time and money) to go to a dangerous neighborhood (risk of exposing other private keys on their end) to get your bag to a locksmith to unlock it (spend more time and money) to fix your mistake.

-Dave

Dave the comparison is incorrect

I put the wrong address but this address is mine and not that of a stranger who has to take a taxi

They live on the money that customers entrust to them so they must also provide services especially since the money is there

Moreover if I am mistaken it is that at the time was constantly in maintenance with daily incidents

[AB de Royse777]

I can think of a solution: every few years, an exchange can replace all deposit addresses by new ones, and give each user the private keys to all addresses they've used. But that would lead to other problems: some users will still keep using the old address, and many people can't handle private keys in a secure way.
So I get they're not very forthcoming about this.

Good idea but let's improvise it.

List all the complaints that are coming from the users who made mistakes like received wrong coins in the wrong address. Like this current case. Give the private key only to these users and give new address to them only instead of all. This could be a good solution.

I just looked at https://www.omniexplorer.info/address/<Put the BTC address> and my USDT are there as well as the 0.0000054 BTC

It's good that the USDT are there. Contact CoinList customer service again with the reference of this explorer and ask them if they can do anything for you since this time our showing the assets are there, maybe they will now try to do something for you.

[joniboini]

Looks like their stance is very clear to me based on OP's post. They can't (or rather won't) do anything about it, since they don't provide private key recovery and stuff like that for individual users. Sorry to say this but OP, I guess your money is lost.

[LoyceV]

I put the wrong address but this address is mine

You're wrong here: if the address would be yours, you'd have the private key. A deposit address on an exchange is owned by the exchange.

[icopress]

I have a very big problem because I sent a large amount of USDT from Binance to an exchange.

I was about to correct you ... considering that CoinList was previously registered with the SEC only as an investment consultant firm ^{[https://reports.adviserinfo.sec.gov/reports/ADV/291553/PDF/291553.pdf]}. But I realized that I haven't followed the news for a long time ... (although the transformation of the business, it was a predictable step, considering that they enlisted the support of Filecoin and Dfinity).

Well, of course, in addition to all of the above, try to contact these people (by clicking on the links, you will find all their details, including email addresses). In theory, depending on the amount you mistakenly lost, you still have ways to put pressure on CoinLis, good luck.

[1] https://angel.co/p/joshuaxls (Founder CoinList)
[2] https://angel.co/p/ab (Co-founder CoinList)
[3] https://angel.co/p/paul (CTO CoilList)

[Myleschetty]

Him putting pressure on the exchange won't change stand in the situation because they currently don't support Omni as said by the OP.

I put the wrong address but this address is mine

You're wrong here: if the address would be yours, you'd have the private key. A deposit address on an exchange is owned by the exchange.

Just like the adage " Not your keys not your coin"

[AB de Royse777]

Him putting pressure on the exchange won't change stand in the situation because they currently don't support Omni as said by the OP.

It worth a shot rather than doing nothing. We are not sure how much the OP lost but if that's what he left and if this is his life-saving then it worth all possible try. I would not discourage.

[HCP]

The problem is that USDT is available on Omni (ie. Bitcoin blockchain), Ethereum (as ERC20 tokens), EOS, Tron and other layers:

Tether tokens exist as digital tokens built on bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP and OMG blockchains.

It would appear that CoinList only support Tether as ERC20 tokens...

I apologise for the situation but unfortunately these have not arrived to your account because you have deposited the funds to an address CoinList does not own. We currently do not have Omni support.
BTC deposits are to be made via the Bitcoin network and USDT deposits via the ERC20 network.

-> because you have deposited the funds to an address CoinList does not own! This is my BTC address on their exchange not an unknown
 one

Exactly... as far as CoinList are concerned, it is a BTC only address... they do not have the facilities to be able to recover any Omni tokens associated with BTC addresses as they have no Omni support.

To recover your coins, they would need to export the BTC private key associated with the deposit address you used, then import that into an Omni compatible wallet and then transfer the USDT to an Omni address of your choosing.

Exporting the private key for a single address from within their "wallet" likely comes with a whole bunch of security issues... and potentially puts other funds at risk.

Unless CoinList are willing to do that, or implement Omni support within their system... it would appear that your funds are going to remain in "limbo"

[Puit]

I have a very big problem because I sent a large amount of USDT from Binance to an exchange.

I was about to correct you ... considering that CoinList was previously registered with the SEC only as an investment consultant firm ^{[https://reports.adviserinfo.sec.gov/reports/ADV/291553/PDF/291553.pdf]}. But I realized that I haven't followed the news for a long time ... (although the transformation of the business, it was a predictable step, considering that they enlisted the support of Filecoin and Dfinity).

Well, of course, in addition to all of the above, try to contact these people (by clicking on the links, you will find all their details, including email addresses). In theory, depending on the amount you mistakenly lost, you still have ways to put pressure on CoinLis, good luck.

[1] https://angel.co/p/joshuaxls (Founder CoinList)
[2] https://angel.co/p/ab (Co-founder CoinList)
[3] https://angel.co/p/paul (CTO CoilList)

thank you very much for this valuable information.
I will try again the classical support with new arguments and if it does not work, I will contact these three persons in charge