My Funds are Missing in Kucoin/ByBit Exchange: What should I do?

[Agbe]

I have created it in another forum. https://www.altcoinstalks.com/index.php?topic=322058.new#new

About a month now, I bought bitcoin from someone and deposited them in Kucoin. And converted it to USDT And I sent the coins to ByBit exchange and I didn't include the Memo Tag from the ByBit end and the coins didn't arrive in the receiving address of ByBit. Then I contacted Kucoin they told me that the coins have left their exchange and transaction was successfully approved from the receiving address. Therefore I should contact ByBit customer service and I didn't that but ByBit has no direct customer live chat and everything was done through bot. I have been battling with them on this case for a while. And two days back, I chatted up Kucoin customer service, I still complain again and they said I should ask ByBit to provide the refund TXID which I went to the self service and checked the form I submitted and saw the refund TXID. Then I contacted Kucoin back to make the refund.

And I presented every information to Kucoin to make the refund but this is what Kucoin representative said and sent to my emails after a long live chat with one of the agents.
See what he said, and I quote.

Dear Valued KuCoin User,
 
We understand that you may have experienced some inconvenience with your recent deposit. We are here to assist you with the recovery process.
 
We understand that this may be frustrating for you, and we apologise for any inconvenience caused. However, please note that we will require a processing fee of 40 USDT to cover our significant resource consumption, time, and risk cost.
 
We would appreciate it if you could provide the following information to proceed with the recovery process:
 
1. Could you kindly share the original TXID and return TXID with me?
2. A screenshot of the withdrawal record from KuCoin, you can login and check Overview-Withdraw-Recent Withdrawals page to find it.
3. A screenshot of the deposit address from the third-party platform
4. I would appreciate it if you could share the text version and a screenshot of the deposit address in KuCoin, you can login and select network of your token in deposit page.
5. Friendly reminder, there is a processing fee of 40 USDT required.
 
We understand that this may be a lot of information to provide, but it is necessary for us to ensure a smooth and successful recovery process. Please take your time to read the above statement carefully and reply to this email if you agree to apply for the recovery service. We will send you a payment request after we receive your feedback, and the issue will be handled within 5 business days after you have paid the processing fee.
 
We appreciate your patience and understanding in this matter. If you have any further questions or concerns, please reply to this email.
 
Best Regards,
 
KuCoin Customer Care and Support Team
   
Hayden.IB (KuCoin)

Jun 15, 2024, 09:15 UTC

This is an automatic email.
 
Dear Valued KuCoin User，
 
This is a new ticket created by KuCoin Customer Support to follow up on your issue. Further details will be sent after this email.
 
Best regards,
 
KuCoin Customer Care and Support Team

If there is any Kucoin representative here should say something on this email or if anyone has anything to say can contribute if this is legit. What should I do?

Thanks.

[o48o]

Have you tried posting on bybit subreddit? or /r/cryptocurrency. Or tweeted to them about it?

They also have telegram and Discord (https://discord.gg/Bybit), which usually have admins that can direct you to right person, that could help you.
Just don't reply to any direct messages on telegram or discord, as there are ton of people pretending to be a staff. Those will scam you.

But your money is in Bybit, now you need to try to convice them to help you, as that's extra work for them, and not their fault, but they have a power to help you.

Hopefully this will help. And i know the frustration. Helpdesk that doesn't have any humans involved is enraging.

[MAAManda]

If there is any Kucoin representative here should say something on this email or if anyone has anything to say can contribute if this is legit. What should I do?

We have a KuCoin representative on this forum, you can see here, but unfortunately that account has been inactive for a long time and was last seen at the end of last year. I'm confused about your case, you say that you deposit Bitcoin (BTC) and then send it to Bybit which should use memo, AFAIK we don't need memo for Bitcoin (BTC) transaction, is it a coin transaction like EOS?

[batang_bitcoin]

If it's from the official email of kucoin, they can really help you out. I think most of the exchanges have that retrieval fee for any help that their users are going to ask. But if they've said that the transaction pushed through and it's already on bybit, then I doubt they'd give you a refund.
So, you should be keep on making noise and keep on contacting them. Please check their global and country communities.
https://www.bybit.com/en/promo/global/communities/

[Coin_trader]

AFAIK, The problem is already on Bybit exchange control since Kucoin already sent the funds on Bybit wallet address unless your withdrawal on Kucoin is still marked as processing. Bybit already received your funds but they can’t credit it to your account because you didn’t include the Memo.

The Memo gives the distinction for a transaction credited specifically for your account. I think you just need to contact Bybit support and send the TXID so that they will credit the balance to your account. I hope it helps.

[bluebit25]

I think OP seeks help from Bybit, because you sent that money to Bybit exchange but the problem is due to a process mistake so you can also complain to them.

I once encountered a situation that was probably similar to the OP, I used USDT money transfer a few years ago (don't remember the exact time) but it was a wrong chain transaction, but when I filed a complaint, I was still confirmed and received enough money. However, I still want to mention the user story more carefully. In this situation, if they are willing to refund your account, that is a good thing, but if the situation is bad, they will not accept that situation, then you should also consider it a valuable lesson to help you be more careful.

[jrrsparkles]

Kucoin was successfully sent to Bybit but the funds were not credited to Bybit due to missing memo tag.

Bybit is ready to refund the money so now you need to contact Bybit right? Or am I missing something?

And if you sorted things with Bybit follow the process that you have been asked cause it looks like you contacted the official site and they have a certain set of procedures to recover the lost funds then you have to do it.

[Dunamisx]

I don't know what could have caused this, but on some occasions of related issues I've seen with others, maybe they are not keeping to their minimal deposit rate or something related, but considering this, the $40 fee charge they are billing you could even make you to drop the whole charges if you considered the amount involved to how much you're going to be charged for the rectification, this is sometimes annoying, honestly, you're just lucky of not sending to the wrong address. 

[Hazink]

I think that email is 100% legit. From your explanation, the refund has already been done by Bybit back to Kucoin Exchange, which you have also submitted back to a Kucoin representative. All you need to do now is follow up on the case and make sure you provide all the necessary information they need in order for them to complete that process. 
 
Last I recall, Binance exchange charges even up to $500 or by percentage for the wrong deposit depending on which one will be higher, so if you check very well and the fee that you are asked to pay is not higher than the money you are trying to recover, then I will say it's worth the chance to give it a try. 

[moneystery]

i think that your case will not end well, because you forgot to input the memo as bybit instructed and that resulted in your account not being deposited, and because of this bybit will think that you are in the wrong here. because i also had something like that, where i deposited bitcoin into remitano, but because my deposit value was lower than what they instructed, it resulted in my account failing to deposit, and customer service actually blamed me for not paying attention to their instructions and not helping me at all. .

but hopefully you can still save your bitcoins by contacting them from their twitter. but if they can't help, it's better to just let it go.

[electronicash]

thats a unique exchange since they need memo tag for usdt to be credited. don't know if it's for security but it becomes complicated for someone who are used to sending without having to copypaste these memo tag. seem to have worked on exchanges that need not this memo. this probably isn't the first to have happened.

if it requires agbe to send tips to the support to assist him, it can discourage users from moving to this exchange.

[Wiwo]

I don't know what could have caused this, but on some occasions of related issues I've seen with others, maybe they are not keeping to their minimal deposit rate or something related, but considering this, the $40 fee charge they are billing you could even make you to drop the whole charges if you considered the amount involved to how much you're going to be charged for the rectification, this is sometimes annoying, honestly, you're just lucky of not sending to the wrong address. 

Aside from the fact that the high retrieval fees of $40 which could be too high an amount that could make small amount of issues which may not be up to the $40 fees that could make the user to drop his quest pf getting a refund, we should also consider what is the possibility of Agbe to get a refund since he mentioned that he forgot to include memo on the transaction from bybits o  the transaction initiation on kucoin which most cases the exchange already warn that if you insert wrong memo it will result in lost of funds.

So even if he make deposits of $40 for the retrievals fees at the end he can still lose the case and kucoin will simply tell ops that he include no memo on the transaction so it can't be be refunded.

[Nwada001]

I don't know what could have caused this, but on some occasions of related issues I've seen with others, maybe they are not keeping to their minimal deposit rate or something related, but considering this, the $40 fee charge they are billing you could even make you to drop the whole charges if you considered the amount involved to how much you're going to be charged for the rectification, this is sometimes annoying, honestly, you're just lucky of not sending to the wrong address. 

I believe they treat both cases with the same kind of approach because they are both similar. Depositing without the required memo code is almost the same as making a deposit of either an unlisted coin, not meeting the minimum deposit amount, or depositing on the wrong network.
 
All kinds of errors stop the deposit from being credited automatically based on how the exchange is set up, which requires a manual process, which I believe is the reason why they ask for an extra fee to do that, but for exchanges that are still looking for customers, they won't bother asking for such a fee.

[God bless u]

I have created it in another forum. https://www.altcoinstalks.com/index.php?topic=322058.new#new

About a month now, I bought bitcoin from someone and deposited them in Kucoin. And converted it to USDT And I sent the coins to ByBit exchange and I didn't include the Memo Tag from the ByBit end and the coins didn't arrive in the receiving address of ByBit. Then I contacted Kucoin they told me that the coins have left their exchange and transaction was successfully approved from the receiving address. Therefore I should contact ByBit customer service and I didn't that but ByBit has no direct customer live chat and everything was done through bot. I have been battling with them on this case for a while. And two days back, I chatted up Kucoin customer service, I still complain again and they said I should ask ByBit to provide the refund TXID which I went to the self service and checked the form I submitted and saw the refund TXID. Then I contacted Kucoin back to make the refund.

And I presented every information to Kucoin to make the refund but this is what Kucoin representative said and sent to my emails after a long live chat with one of the agents.
See what he said, and I quote.

Dear Valued KuCoin User,
 
We understand that you may have experienced some inconvenience with your recent deposit. We are here to assist you with the recovery process.
 
We understand that this may be frustrating for you, and we apologise for any inconvenience caused. However, please note that we will require a processing fee of 40 USDT to cover our significant resource consumption, time, and risk cost.
 
We would appreciate it if you could provide the following information to proceed with the recovery process:
 
1. Could you kindly share the original TXID and return TXID with me?
2. A screenshot of the withdrawal record from KuCoin, you can login and check Overview-Withdraw-Recent Withdrawals page to find it.
3. A screenshot of the deposit address from the third-party platform
4. I would appreciate it if you could share the text version and a screenshot of the deposit address in KuCoin, you can login and select network of your token in deposit page.
5. Friendly reminder, there is a processing fee of 40 USDT required.
 
We understand that this may be a lot of information to provide, but it is necessary for us to ensure a smooth and successful recovery process. Please take your time to read the above statement carefully and reply to this email if you agree to apply for the recovery service. We will send you a payment request after we receive your feedback, and the issue will be handled within 5 business days after you have paid the processing fee.
 
We appreciate your patience and understanding in this matter. If you have any further questions or concerns, please reply to this email.
 
Best Regards,
 
KuCoin Customer Care and Support Team
   
Hayden.IB (KuCoin)

Jun 15, 2024, 09:15 UTC

This is an automatic email.
 
Dear Valued KuCoin User，
 
This is a new ticket created by KuCoin Customer Support to follow up on your issue. Further details will be sent after this email.
 
Best regards,
 
KuCoin Customer Care and Support Team

If there is any Kucoin representative here should say something on this email or if anyone has anything to say can contribute if this is legit. What should I do?

Thanks.

I don't know much about your case but yes I have heard many people getting these type of issues with the blockchain. I don't know why whether it's the issue from our side either we are missing some points that's why it's happening or is it something wrong with the blockchain owners.

Ti everyone reading please confirm that it's happening with anyone else or not.

[Mate2237]

So even if he make deposits of $40 for the retrievals fees at the end he can still lose the case and kucoin will simply tell ops that he include no memo on the transaction so it can't be be refunded.

I reason with this your comment. And if the Op deposit the 40$ and the Kucoin gives another excuse not to refund the money so I also advise the Op not to participate in the deposit. And if I were him, I would let it go and bear the pain and learn a new lesson from the mistake. Because if pay the service fee and the coins were not refunded then it becomes a plan scam from Kucoin and if Kucoin must help they should not ask for service fee because you are still using their services and not another place.

[milewilda]

This might be different but i have the same experience when it comes on wrong deposits on from OKX to Binance on which i have mistakenly
deposited on a chain which it isnt really that available yet. Therefore, it didnt credit out but when it comes to recovery then they would really be that
having the process but of course it would really be having that processing fee on which its normal. At first i was hesitated considering that fee is a little big big for such recovery
and if they do speak about network fee expenses then you do know that it is really just that too much.

The only thing you can do is to follow those steps and the willingness to pay up the fee and just that simply wait up until they would process out.
In my case i have waited for 2-3 days but on Binance transaction. If Kucoin wold be having that 5 days duration then thats the time for the waiting game.

[Ben Barubal]

     While I was reading what happened to you op, I thought it was difficult to contact Bybit's support because in the exchange itself, only a chat bot will reply to you. Then the conditions that kucoin demands are too many and it is good if you have fulfilled all of them.

     It's really hard like that when you don't know who is the legitimate person you're talking to in kucoin, now if you contact them on discord and telegram there are also many exploitative people pretending to be from kucoin support, maybe that's just being careful with the people you talk to if ever there is money involved and of course that's a different matter.

[Coin_trader]

This might be different but i have the same experience when it comes on wrong deposits on from OKX to Binance on which i have mistakenly
deposited on a chain which it isnt really that available yet. Therefore, it didnt credit out but when it comes to recovery then they would really be that
having the process but of course it would really be having that processing fee on which its normal. At first i was hesitated considering that fee is a little big big for such recovery
and if they do speak about network fee expenses then you do know that it is really just that too much.

The only thing you can do is to follow those steps and the willingness to pay up the fee and just that simply wait up until they would process out.
In my case i have waited for 2-3 days but on Binance transaction. If Kucoin wold be having that 5 days duration then thats the time for the waiting game.

Your case is different to the OP since he sent to the right blockchain network which means the fund is already on Bybit account that doesn’t need to recover. Bybit support just needs to distribute it to his account through the use of the memo assigned to his wallet. I think a few verification is needed but definitely this is not same to recovering assets from different blockchain since the funds is on same chain and wallet address which the exchange use.

This issue can be resolved easily if the OP just ask to the right exchange support in the beginning. The reason why this issue becomes complicated is because he is communicating with Kucoin not Bybit which the support is using standard long procedure to determine the case.

[Bureau]

When Kucoin has already confirmed that the funds have been released from thier side then you will need to contact ByBit exchange. If they are not helpful or are clueless then you should comeback and update this thread with their reply. This is the first time I have read of such a problem. If you have entered all the details correctly then they will be able to locate the funds credit your exchange wallet.

[Agbe]

When Kucoin has already confirmed that the funds have been released from thier side then you will need to contact ByBit exchange. If they are not helpful or are clueless then you should comeback and update this thread with their reply. This is the first time I have read of such a problem. If you have entered all the details correctly then they will be able to locate the funds credit your exchange wallet.

Bybit has sent me the refund TXID and it is the due of kucoin to the coins back to me. But kucoin is saying that I should pay 40$ which is abnormal.