24 eth instead of 24 usdt....What Will You Do If.......? - page 3.

pragna

full member

Activity: 1582

Merit: 101

Quote from: Fivestar4everMVP on October 21, 2020, 10:36:42 PM

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.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: enhu on October 23, 2020, 03:14:46 PM

Quote from: Bitcoin_Arena on October 23, 2020, 08:06:57 AM

Quote from: CryptopreneurBrainboss on October 23, 2020, 07:38:49 AM

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.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: CryptopreneurBrainboss on October 23, 2020, 07:38:49 AM

Quote from: Fivestar4everMVP on October 22, 2020, 08:13:08 PM

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,

Quote

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,

Quote

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...

Kupid002

sr. member

Activity: 1036

Merit: 329

Quote from: Fivestar4everMVP on October 21, 2020, 10:36:42 PM

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 .

enhu

legendary

Activity: 2492

Merit: 1018

Quote from: Bitcoin_Arena on October 23, 2020, 08:06:57 AM

Quote from: CryptopreneurBrainboss on October 23, 2020, 07:38:49 AM

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.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: CryptopreneurBrainboss on October 23, 2020, 07:38:49 AM

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?

CryptopreneurBrainboss

legendary

Activity: 2408

Merit: 4282

eXch.cx - Automatic crypto Swap Exchange.

Quote from: Fivestar4everMVP on October 22, 2020, 08:13:08 PM

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.

mersal

member

Activity: 1204

Merit: 38

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.

BuNga_cute

full member

Activity: 1736

Merit: 116

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.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: boyptc on October 22, 2020, 03:22:13 PM

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.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: Wexnident on October 22, 2020, 12:45:05 AM

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.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: Fivestar4everMVP on October 21, 2020, 10:36:42 PM

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.

From my personal point of view. I would try contacting the support of the exchange on how best i would refund the money and then follow instructions as advised. Remember for every such loss or mistake that happens, someone is getting screwed out there and the exchange might not be the one to take up the loss.

Smartvirus

legendary

Activity: 1554

Merit: 1139

I believe mysteries surrounding this scenario would be better unraveled if your experiencing it right away other wise, their is going to be a lot of biasness in our answers. 24ETH is quite a lot compared to your original withdrawal. One thing is this, in as much as it could be a mistake, it could be a phishing attempt too. After all, we've had testimonies and warnings of Satoshis been aren't from anonymous or unexpected users all in a bid that the receiver tries to accumulate in other wallets and gets his details trail and licked. So, it's sure to come with a lot of mixed feeling and thoughts and if you had needs or not, a need would always arise for which the currency can satisfy.

But, what you should consider is this, 'Do unto others what you prefer done to you'. If you are good and believe in goodness, then, you should correct a mistake or error in the process rather than become one yourself. I'll send it back as it in turn earns me my good name, credibility and a friend for which I believe would aid me someday and I'll be better much satisfied with my conscience that way. Peace of mind is everything!

Rengga Jati

hero member

Activity: 2072

Merit: 656

royalstarscasino.com

Quote from: Fivestar4everMVP on October 21, 2020, 10:36:42 PM

.

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

So let's discuss.

I am a little bit surprised by this. Because, we actually send USDT to another USDT wallet address, so how can they send ETH? Except, they use the ERC20 network.
But, this is very rare.

And if it happens to me, I will give it back with my pleasure. Of course, 24ETH is a very big amount for me, and I can use it for many things, for the things and necessities that I must fulfill.
But personally, I will never live peacefully and well with this. It means that we take others although it is their fault. And we can think if it happens to us as the owner of the decentralized exchange, we will lose much money.
ANd buddy, sometimes, being honest is very difficult, but trust me, if you are honest, you will live much more easily and peacefully without something wrong in your life.

CaVO32

full member

Activity: 1848

Merit: 158

Quote from: mk4 on October 21, 2020, 11:01:32 PM

I'd personally return the money as I'd like to think that my moral compass is working fine, though I won't lie and I would admit that this would definitely be a tough decision due to the inevitable greed that's going to kick in. I mean, 24 ETH is like $9000, and as a person that's currently in a 3rd world country, that's A LOT of money and I'm definitely going to be tested.

This is very true. At the end of the day, are you going to sleep soundly and peacefully that you got money from someone and you have the chance to correct the situation? This is a question of morality. How intact is your principle in life? For me, I will just ask myself, will my conscience be clear if I will not do anything about it, if not, then, do the right thing. Because it is better to live without anything bothering your conscience. That money, you can still earn that even if it takes your lifetime. At least your conscience is clear and can live a happy and contented life. That's already priceless for me.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Fivestar4everMVP on October 21, 2020, 10:36:42 PM

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.

This would really be a test of greed level of a certain person but most of the time, people would just simply get it and wont tend to give it back.
Conscience? that dont work as of todays situation where money is always the main priority. Who the hell will not really be tempted on that amount.

24 usd = 9000 usd ? There's no doubt that people will surely grab it and wont give it back and thinking off that was some easy money there
and as said by others where this amount on 3rd world country is already big and they wont let for that change to slip away just
to give it back.Its sad but this is the reality as of these days.

boyptc

hero member

Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

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?

enhu

legendary

Activity: 2492

Merit: 1018

Did your friend return the 24 ETH? 24ETH is huge, it could really help me in this crisis period.

I would really have to send chat to the support of the decentralize exchange to see if their system are working good. Because its a big loss for this DEX and I wouldn't want to contribute the downfall of this new project all because they mistakenly did something.

Pamadar

legendary

Activity: 2982

Merit: 1028

Being honest that huge amount will really test me..

My big part of me will say that it's free money and there's no way that it will be traced up given from the fact that you said it's semi decentralized exchange, meaning to say that there's no KYC that being asked, and also to point it out the coins already been sent out so there's no way to claimed it back, I'll take it as blessing in disguise. Just saying.. Roll Eyes

But my other side still believe in karma, maybe for a while it will brings something good, but who knows what will happen after having this luxuries.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: Fivestar4everMVP on October 21, 2020, 10:36:42 PM

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 would straight away return the money after contacting the support team of that exchange. Because I strongly believe that if you haven't earned the money, you will never be able to digest the money! It just can't happen! Not today, not tomorrow but someday you will have to pay it back in other way or in other incident. People should use only that money which are rightfully theirs!

So without even thinking twice, I will return that 24 ETH to the exchange! There's no 2nd thought!

Topic: 24 eth instead of 24 usdt....What Will You Do If.......? - page 3. (Read 639 times)