Topic: Always Cross-check your address before withdrawing or depositing Cryptocurrency. (Read 95 times)

No i am certain that that is how it should be. Last time i wanted to make a transaction i mistakenly added a different network address and there was an error message saying it is wrong address. The thing is if an address is invalid or some characters are missing, it wont proceed the transaction. Which means one cannot make such mistake when making BTC transactions. The only way we can loose our money in BTC is when there are malware attack that change the address, or we mistakenly copy someonelses address.

No be lie, OP truly dey cap for this one. It is not possible to make a withdrawal to a wallet meanwhile the address has been compromised with the addition of extra digits or letters. This would explain something:  if for example, OP sends me a wallet address Original: bc1q5hd4pwlfqjkj35n465jt7x3dc6z7tc6xx3jn5k, Mistaken sent: bc1q5hd4pwlfqjkj35n465jt7x3dc6z7tc6xx3jn5k(2)



This is how it should be, like this with no extra digits then the transaction would be successful, anything extra on this won't go through, check this out.



We can see how impossible it is, as long as the wallet address is compromised by additional digits it won't send, so it is either OP is capping or the person who is to deposit the assets is capping just after noticing you still a novice.

Every custodial platform I've used uses checksum except Binance ( tried it on OKX and Bybit). Every withdrawal needs approval I know that, but if you send an Invalid address to Binance to process your withdrawal, such transactions will remain PENDING because if Binance can't process it onchain, you ain't getting tnx ID.

It’s always good to bring something like this to the forum so a lot of people can learn from other peoples mistakes,  mistakes in crypto are very costly and it’s impossible to recover lost assets so it’s important to be very careful about making transactions because a slight mistake will make you lose your money.

This story sounds made up to me because i don’t see how a young man will buy bitcoins in the early days and not hear about the rise of bitcoin price all these while and not seek his flash drive as soon as possible. Even if you are not in cryptocurrency that much you would remember you bought some BTC as adoption rate increases. Bitcoin has gone popular that it’s impossible for a person not to hear about the news of bitcoin when the price is going up.

I don’t know how possible it is not to copy all the address because your device will automatically copy it all once you click the copy button and if your clipboard is not infected with any malware then i don’t think there will be any problems pasting the receiving address. It’s always advisable to double check after pasting to confirm if your clipboard is not compromised. Also when the address is incomplete or incorrect your wallet will popup a message telling you it’s an invalid address.

That is on noncustodial wallet. If you are using anything custodial like wallet on an exchange, what you are seeing are numbers and not bitcoin. If you make transaction on noncustodial wallet, the transaction would be in mempool already after you broadcast it, but if it is on an exchange, no withdrawal until the exchange review your request and then make the withdrawal for you on their walleet which they control. There is possibility the exchange will display that you have withdrawn the coin but nothing happened onchain because you have no full control but the exchange has it, unlike noncustodial wallet. I may not be right about this but I do not have $12.6 dollars to spare for testing it on Binance as it displayed wrong addresses as valid but which are not valid on noncustodial wallets.

I haven't tried this on an exchange but be rest assured that if the address is invalid the network will not process it. The transaction will fail. Technically it's possible to mistyped an address and the checksum could still be valid but the chances of that happening is same as bringing Sani Abacha from death.

Bitcoin addresses is not something you can randomly type, it comprises of a data and checksum and if either is mistyped you will not be able to send a coin to such an invalid address. Even if your Bitcoin exchange allows it, the Bitcoin network will not.

This is applicable, but since bitcoin uses checksum to validate wallet address, I doubt he lost the coins. He should revert to the exchange support for assistance.

There is clipboard hijacking which is the ability of an attacker to manipulate the bitcoin address you copied and change it to their own private wallet address so that you paste in what they supplied and not what you copied. This is a  leading crypto theft pattern and the only ways to combat it are by using reputable antivirus softwares in your devices (paid version),  typing the wallet addresses yourself no matter how challenging it is and preferably using hardware wallets and air gapped devices.  Regulating the type of app you download and install to your devices and the type of site you visit helps a lot too.

There is also a quick validation  you can do manually. For myself, I know the first and last five letters of the two wallet addresses I use, so I do the quick crosscheck before any transaction and only proceed when they're correct. Its easier to make the mistake in copying from the ending or starting characters than the middle ones.

I agree with you on this if OP uses xrp wallet address with no memo tag not btc address, because sending coin to only xrp wallet address without adding the memo tag would be successful but nothing on balance. Your balance can only reflect if you contact the customer support of the exchange with valid proof of transactions. Happened to me twice.

The sender might not use wallet but an exchange or other custodial means to send the coin. I did not finish testing it to know if it would fail or not but I removed up to 5 characters from a segwit bitcoin address before Binance was able to detect the address is invalid, also I added 22 more chapters to a segwit bitcoin address before Binance detected it as invalid. Which means I removed 4 characters from segwit bitcoin address and it was valid on Binance, also I added 21 characters to segwit bitcoin address and it was valid on Binance. If you remove some characters and added the same number of characters back but with different numbers and alphabets, it supposed to be invalid, but also valid on Binance. I meant valid because I was able to proceed. I do not know if the transaction can be successful or not but we know how exchanges can be, I do not want to lose money again.

If what I explained is what that happened, tell your friend to message the exchange customer care because the coins is still with them but they showed him wrong txid if the transaction was successful. But maybe the customer care will argue that you sent it to a wrong address but the coin is still with them. Supposing the sender make use of noncustodial wallet, the address will be invalid.

You're not wrong - Bitcoin addresses uses checksum. If you type an invalid or add few digits to your Bitcoin address the transaction will fail and most Bitcoin wallet does not allow transactions to invalid Bitcoin addresses so your chances of sending Bitcoin to the wrong address is zero. Bitcoin is not Etheruem or some other shitcoins that does not use address checksum.. OP dey cap.

Based on what I know about Bitcoin wallet addresses, if you make mistakes like adding extra characters, then your wallet will show an error message saying the address is invalid. bitcoin wallets are designed to identify Bitcoin addresses, so typo errors or wrong formats will display a message indicating the address is invalid. Though i know that bitcoin wallet addresses characters can vary depending on the type(segwit, legacy). But It might be that the sender didn't actually send you the funds and claimed to. I will request you ask him for the transaction id which he had sent the funds to.

(if I'm wrong, I'm open to corrections)  

From both stories, it seems you guys made the mistake of either not copying the complete address or you mistakenly typed another digit to the main address you were meant to fund. Those mistakes can easily be avoided if someone is really careful enough and takes caution in every step, knowing fully well that crypto transactions are not reversible. 
 
On this same topic, one of the most common means by which holders are losing their coins right now is the clipboard virus. When you copy an address and paste it to send a coin to it, the wallet is either immediately replaced with another address before you even send the coin out without you noticing it, which is also another reason why it's good to cross-check your wallets word for word to make sure that they are in line with the original.
 
Before, the clipboard virus was common only on PCs, but nowadays even mobile phone users have also started falling victim to it.

 I've been away for a while, but I missed being in the forum. What prompted me to create this post was my previous experience and also a recent clip I came across on the media, I know many might had fall under this category but I'll share my experience and also a similar one from the clip for members to take precautions so they don't lose their assets due to minor mistakes.

 Well, I'll start with the similar experience from the clip, a young man who bought Bitcoin since 2010 and saved in a flash drive probably stumbled upon the flash drive and discovered he had about 55k BTC and out of shock and excitement began to  book vacations and check expensive items online, then immediately decided to withdraw his asset. He downloaded an exchange to withdraw and sale but didn't copy all the deposit address and lost all the 55k BTC worth a fortune currently.

 My own experience was that i copied my address and sent to someone depositing to my wallet but I didn't cross-check to see that I've mistakenly typed two more letters as I pasted on my keyboard before sending, I waited almost the whole day and didn't receive any deposit but the person said they've already sent then I checked the address I sent and figured out the mistake was from me, I felt pained to make such silly mistakes and ever since then, I've been so careful not to make such mistakes again, so you all should take note, nobody is above mistakes but be extra careful not to lose your asset too.