Sending Crypto to the wrong address

[uelque]

We're developing something to reduce human error in crypto transactions, especially those in which some mistake was made when writing the receiver address.
Can you guys help us have a greater perception on the user side?

• Did it happen to you?
• How comfortable are you every time you transfer to a remote address?
• Would you be more comfortable using a helper?
• What do you use today to mitigate this risk?

Thanks

I don't think user would like to use a helper just to ensure that the address is correct. Also, how would you do that? Most of the time, users are just copying reciever address from whatever wallet or exchange it came from and then paste it to their wallet or exchange that is about to use in order to do the transaction. Some exchange already have the functionality to check whether the address is correct based on the network being used. While most wallet don't though as far as I know. Now I believe you are offering a helper that would work in a way where user should connect their wallet or exchange account in order to use your services. I believe that won't work and that users would like that. Or is it just a different app that doesn't neccessarily need to connect to anything, just an app where users can check whether the address is correct or existing? Isn't that a waste of time? checking for an address that you copy directly from another wallet or sites in which we didn't even try to change anything.

For me, I don't really need a helper if I can check the address myself in order to ensure I'm doing the right transaction. And I'm always confortable transferring to a remote address because I always check the address before executing the transaction. So yeah, for me, I don't need a helper.

[Ultegra134]

While I've heard a few incidents (some even within the forum) of people sending money to the wrong address, it has never happened to me. On top of that, I believe that it's a pretty basic procedure of copying and pasting the recipient's address, double looking before sending money is enough to eliminate that risk, I don't see a valid reason to develop a software or a project to reduce it

[Mpamaegbu]

• Did it happen to you?

I'm a very meticulous person when it comes to finance. Yet, I did happen to me but that's once. I hope I don't get to count another incident of that. Luckily for me it was to a contract address I sent the token and it reverted within a few minutes. I held my breath while all that lasted as soon as I realized my mistake.

• How comfortable are you every time you transfer to a remote address?

I bet you, nobody would be happy or comfortable if it happened to them.

• What do you use today to mitigate this risk?

I like to crosscheck the first four letters of the address, the middle and then the last four. Other times I just zoom out on the numbers to compare them side by side with the apps I'm sending from and to when I've pasted on the send tab. I truly take my time whenever I'm transacting. The principle of "No hurry in life" should be aptly applied to crypto transactions, honestly.

So far, so good for me. I'm okay doing the check myself and not likely to need a helper.

[lablab03]

We're developing something to reduce human error in crypto transactions, especially those in which some mistake was made when writing the receiver address.
Can you guys help us have a greater perception on the user side?

• Did it happen to you?
• How comfortable are you every time you transfer to a remote address?
• Would you be more comfortable using a helper?
• What do you use today to mitigate this risk?

Thanks

i think it's not necessary to develop for basic errors only in crypto transactions, coz as the matter of fact mostly platforms nowadays will not let any transaction to process especially if there's an errors on addresses, unless if you copy pasted a wrong address coz that will be a problem,  and still impossible to detect that your sending in a wrong address if there's no error in the address that you put as a receiver.  I can't imagine how it will works since mostly here in the space are anonymous.

[99Percent]

in crypto transactions you should be careful to check the correctness of your digital wallet address because it will make you lose your assets not all platforms are responsible if it is your own fault.

[Doan9269]

While I've heard a few incidents (some even within the forum) of people sending money to the wrong address

I think many users find it difficulty to cope with the negative consequences of falling under this attack, and this comes ass a result of visiting some malicious sites, i always ensure to giving users am acquainted with to always ensure checking the first four and last four characters of the address copied to correspond when pasted, it is also very important not to use the select option by highlighting the address and copying it because many can make a mistake while making the selection, make use of the copy option indicating with a symbol, i think this thread will give more insight: How to lose your Bitcoins with CTRL-C CTRL-V  many members have engage on a discussion on this aspect of the attack and one could find a way to getting more secured with how to avoid such.

[Ultegra134]

While I've heard a few incidents (some even within the forum) of people sending money to the wrong address

I think many users find it difficulty to cope with the negative consequences of falling under this attack, and this comes ass a result of visiting some malicious sites, i always ensure to giving users am acquainted with to always ensure checking the first four and last four characters of the address copied to correspond when pasted, it is also very important not to use the select option by highlighting the address and copying it because many can make a mistake while making the selection, make use of the copy option indicating with a symbol, i think this thread will give more insight: How to lose your Bitcoins with CTRL-C CTRL-V  many members have engage on a discussion on this aspect of the attack and one could find a way to getting more secured with how to avoid such.

That's interesting, I actually never knew that there was such a malware, so thanks for providing me with that thread. Back to the subject now, as we've both mentioned already, and is also mentioned in the post you quoted me to, double-checking multiple times is the only way to prevent sending money to the wrong address. If however you're infected with such a malware, you'll need to find the root of the problem, which is the malware itself, before proceeding any further.

Edit: Wooo 2000th post.

[Oilacris]

in crypto transactions you should be careful to check the correctness of your digital wallet address because it will make you lose your assets not all platforms are responsible if it is your own fault.

As long you have inputted the right address then there's nothing you should be worried about specially if you do make use of custodial wallets then you could really able to sue em up or could really request in resolving the issue but if this is on the reason of inputting wrong address then there's no one could able to help you on in regards to this.

Crypto transactions are irreversible that's why you should be mindful on putting the right addresses so that you wouldn't be fucked up.

[tazmantasik]

i think it's not necessary to develop for basic errors only in crypto transactions, coz as the matter of fact mostly platforms nowadays will not let any transaction to process especially if there's an errors on addresses, unless if you copy pasted a wrong address coz that will be a problem,  and still impossible to detect that your sending in a wrong address if there's no error in the address that you put as a receiver.  I can't imagine how it will works since mostly here in the space are anonymous.

I think OP still beginner maybe because with basic error on sending asset but have fatal impact with his funds gone, ever I made basic error when sending coins hurry up because want to arbitrage from dapp exchange to cex exchange. I use old smart contract address and my fund not return back. I think have basic human error when wrong address for sending bitcoin fund and become best experience in your life for the next time be careful and most detail checking have correct address or not before sending assets.

[Anguwa]

• Did it happen to you?
• How comfortable are you every time you transfer to a remote address?
• Would you be more comfortable using a helper?
• What do you use today to mitigate this risk?

Actually sending crypto from one wallet address to another requires a very high concentration of the sender, anytime I wanted to send a crypto coin to a particular address, I do check and check the address again to avoid lost of coin because any coin sent to wrong wallet address is gone completely. Therefore more care should be taken while sending coin.

[Agbe]

So what are the measures to avoid transaction mistakes? Is there any part from the BTC address that should remove before sending it to someone? Because a friend of my told me that before I send my BTC address I have to remove the beginning part if not the money the person will send, will enter another person account or address. Although I have not made a mistakes because I have not sent it to any person but I just want to know it so that in case if I want to do any transactions it will not be a new thing for me.

And also how do I know that the address the person send to me is correct or wrong? The 2nd and 3rd questions you asked, looked like rhetorical questions, there might be no answers. Because I do not think, someone would lose money and you asking whether he was feeling comfortable.

[xSkylarx]

• Did it happen to you?
• How comfortable are you every time you transfer to a remote address?
• Would you be more comfortable using a helper?
• What do you use today to mitigate this risk?

Actually sending crypto from one wallet address to another requires a very high concentration of the sender, anytime I wanted to send a crypto coin to a particular address, I do check and check the address again to avoid lost of coin because any coin sent to wrong wallet address is gone completely. Therefore more care should be taken while sending coin.

It is not just concentration, also paying attention to it and triple checking the address because if it is wrong, it is gone forever. I've been in crypto for 4 years now and have not sent a single transaction to the wrong address because I am not dumb and also very cautious about it because that is money we are transacting with. Although you have good intentions to reduce it, it can still be prevented by only checking it thrice.

[Mr.sprin]

in crypto transactions you should be careful to check the correctness of your digital wallet address because it will make you lose your assets not all platforms are responsible if it is your own fault.

That's right, friends, if we are careless in filling in the wallet address, it is our own fault, many people fill in the wrong wallet address, all of their assets are lost, so we must be careful before sending assets into the wallet, check it properly, don't be careless.

[Ebede]

If bitcoin is send to wrong address you have lost the bitcoin because the person that owns the address don't have any thing to reach or refund you the coin back because it have no connection with you. That is why is good to confirm the address of any cryptocurrency before sending to the address. And cryptocurrency is all about carefulness

[fenican]

Extremely rare that this would occur. Crypto addresses are long enough that it is almost always copy/paste, nobody types them in manually, and nearly all wallets will reject a send to an invalid address.

So unless you copy/paste the wrong address, which is very unlikely; anyone with any knowledge of crypto checks before the hit "send" to at least make sure the front and last digits all match up, it's not going to happen. In those very rare cases where a send is made to another address, usually it would be one that was copy/pasted by mistake, and hence had a known owner, so in those cases you could request a refund. Nearly all reputable crypto retailers will refund money that is sent in error.

[Gatorelf]

I've always sent a test amount say $2 worth if it went well then here comes the rest.

[Albescent]

I would say that it is a drawback of crypto transactions. If you lose your money once, there is no chance of you getting it back. You have to be really careful about your transactions. Always use the right address and accurate passwords before making a transaction.