How to Handle a Crypto Transfer Sent to the Wrong Blockchain

[ColdLava40]

So That's why I always prefer sending a small amount before sending the final amount on exchanges.

Would fee permit us to make multiple transactions just so we can confirm if an address is correct or not? If bitcoin were the crypto in discussion then I would have agreed but we know how the fees on altcoins networks could be extremely high most of the times.

Going through multiple transactions would not be favorable as we!!. Best advice is to be careful when placing any transactions.we don't have to rush because we understand the dangers involved when you make a mistake in sending out your coins.

Some exchanges sounds it even at the last minute to recheck the network and the coins you are transacting are same, it would only take an ignorant person to still make mistakes after such warnings.

[EL MOHA]

If bitcoin were the crypto in discussion then I would have agreed but we know how the fees on altcoins networks could be extremely high most of the times.

Actually on most exchanges bitcoin fees are usually high because it’s usually the bitcoin transaction fee plus the exchange own fee. The one which even comes close to bitcoin charge fee by exchanges is the Ethereum gas fee and they are sometimes even more expensive than bitcoin

Going through multiple transactions would not be favorable as we!!. Best advice is to be careful when placing any transactions.we don't have to rush because we understand the dangers involved when you make a mistake in sending out your coins.

Some exchanges sounds it even at the last minute to recheck the network and the coins you are transacting are same, it would only take an ignorant person to still make mistakes after such warnings.

I think we need to actually what amount is he actually talking about. Imagine trying to seen four figures and above I think it will be the only reason for trying to send two times without worrying much about the fees because at the end it will be highly negligible and this one of the reasons why we advice people to test newly created wallet too with little amount first. But I completely agree with you that with a smaller amount the exchanges do not give one the ability to actually try’s that due to high fees most of the time.

[retreat]

If You Sent Crypto to an Exchange That Doesn't Support That Network

As someone who has experienced mistakenly sending crypto to a network not supported by the exchange, I think this is a futile process because their representatives will only respond with repeated messages that will likely make you very upset – they'll come up with various excuses that the system doesn't allow it, and in the end, you'll just have to let go of your money.

So, the best way to handle this is to double-check every transaction before sending it. Since not all exchanges support more networks, you need to double-check that they support the network. And then, you can test with a small transaction first, and if it goes to the address, you can proceed.

[shinratensei_]

Even if a Centralised exchange supports such chain so far it’s a wrong selection there could  still be a very little to no chance of retrieving it..

They can actually retrieve it if possible but they won’t refund you if it’s already in their terms unless they have other recovery process that can be taken .. the  best measure is always to prevent it .

Confirm again and again if needed, it won’t take minutes compared to a recovery process that will take months or forever.

I can confirm that several exchange outright refuse funds retrieval doesn't matter how much you try. Some exchange that I knew allow for funds retrieval with self-service or through support contacting is Binance and Bybit.
They have mechanism that allow user to recover and make sure that no money lost, worse exchange with lower rank don't allow that easily and even might have a ToS that state any money sent to the wrong address would be unretrievable and lost forever.

The thing is some lower ranked exchange deliberately making deposit address for each network different for this to happen and to not offer fund retrieval method was part of their strategy. Which is why doesn't matter what you do, they will always refuse retrieval of fund. I got trapped once with the different address different network scheme and want to share my experience.

Exchanges can support that chain, and if so they will possibly support users. If they don't support that chain, the answer will be almost No, that means you will lose your coins/ tokens.

Exchanges can charge very expensive fee in such support situations too.

Exchanges can support that chain and still make things a living hell for the user. Let me use a local exchange for example remittance. They support BSC, ETH, Polygon, and almost all networks with MEW wallet support, but each deposit on each network makes use of a different address. For example, if you are sending USDT on ETH, you have a different designated address for it, same with other networks, and if you make the mistake of sending to the assigned BSC address, the fund on ETH network, you pass through hell on support before they can credit it manually, and it depends on the amount.

+1 on this, I've experienced using an exchange that use different designated address for different network, it was hell. You need to constantly check whether it's the right address or not. One small mistake, boom your money gone.

[Mahiyammahi]

So That's why I always prefer sending a small amount before sending the final amount on exchanges.

Would fee permit us to make multiple transactions just so we can confirm if an address is correct or not? If bitcoin were the crypto in discussion then I would have agreed but we know how the fees on altcoins networks could be extremely high most of the times.

What? altcoins and higher fees. What was the last time you made a transaction on you wallet for altcoin. As I see rn almost all altcoin bear very low transaction fees. Can you mention some name that you are wary of? Etherium now charges very low fees and all other altcoin around the evm chain accept the low fees model. Cause if the fees is higher in the begining no one would show the interest to use the chain.

If you asks me rn Btc transaction is the only higher. All other altcoins I tried only charges few cents for a transaction.

[Nightwatchmare]

A friend of mine mistakenly withdraw $53 worthy of Gram (formally Toncoin) from kucoin exchange without putting the memo tag and he lost the coin because it did not arrive in his receiving wallet. It was when he tracked his transaction he found out he did not add the memo tag, that was when he believed the coin is gone. He contacted kucoin support and explain to them what happened but they told him he has to pay them $40 as recovery fee, which he declined because the risk isn't worth taken. What i will tell anyone withdrawing his/her coin is to make sure everything is fine and correct before hitting the withdraw button, because even if it is possible for exchange to help you recover your coin withdraw to a wrong blockchain the recovery fee might discourage you to proceed with the recovery process.

Withdraw or deposit? I'm asking because you used withdraw a couple of times and you say the exchange asked for $40 recovery which is what they do when you make deposit without memo. If you make withdrawals from exchange to your personal wallet, you don't need memo. It's when you are making deposit to the exchange you need memo to identify your transaction but now the exchanges don't require memo anymore since the Gram(Ton) upgrade, so I believe this incident happened before the upgrade.

Your friend probably have not use memo before in a transaction, my first experience about memo is when I tried to make deposit xrp deposit, the deposit wallet has red warning about memo, this is the same across mots exchanges, that's why I believe your friend didn't pay attention.
What may compelled him to use Ton that time could be the free withdrawal I think, I remembered back then Ton was making free USDT transfer that's why many people used them but have stopped now.

It was a withdraw, not a deposit. My friend withdraw Gram (formally Toncoin) to either Bybit or Bitget exchange that is the reason memo was needed in the withdrawal. Yes, the accident happened before Ton migrated to Gram. My friend have used memo in a transaction before but however, he forgot to input the memo before hitting the withdrawal button. At the time my friend used Ton, Ton was not offering free withdrawal again, it seems it was low withdrawal fee of Ton that made him to use Ton.

[ColdLava40]

What? altcoins and higher fees. What was the last time you made a transaction on you wallet for altcoin. As I see rn almost all altcoin bear very low transaction fees. Can you mention some name that you are wary of? Etherium now charges very low fees and all other altcoin around the evm chain accept the low fees model. Cause if the fees is higher in the begining no one would show the interest to use the chain.

If you asks me rn Btc transaction is the only higher. All other altcoins I tried only charges few cents for a transaction.

Really? I'm not sure Bitcoin has higher fees.

C'mon. Don't forget that we can now select fees on the Bitcoin network less than 1sat/vb. I do make transactions using the tron network alot, fees are not consistent and it varies according to your output.

Eth? I've not used it for some time now, but still not feeling friendly last I recall.

[Orpichukwu]

What? altcoins and higher fees. What was the last time you made a transaction on you wallet for altcoin. As I see rn almost all altcoin bear very low transaction fees. Can you mention some name that you are wary of? Etherium now charges very low fees and all other altcoin around the evm chain accept the low fees model. Cause if the fees is higher in the begining no one would show the interest to use the chain.

If you asks me rn Btc transaction is the only higher. All other altcoins I tried only charges few cents for a transaction.

Really? I'm not sure Bitcoin has higher fees.

C'mon. Don't forget that we can now select fees on the Bitcoin network less than 1sat/vb. I do make transactions using the tron network alot, fees are not consistent and it varies according to your output.

Eth? I've not used it for some time now, but still not feeling friendly last I recall.

Not as high as you might be thinking. ETH used to have one of the worst fees; it was a nightmare for many, but after their upgrade in 2024, the fee was cut down by more than 90%, which all layer 2 were also in agreement with. It's obvious you might not have conducted transactions on this altcoin for long, especially from a noncustodial wallet. If you want to follow up on all network fee movements, you can use Oklinks , just change it to what ever network you want to track it's fee from the box.