Topic: BTC send accidentally to BCH Address (Read 143 times)

Sadly there is no way back and your coins are lost. No idea were but they'r lost.

Hello,

I made a stupid mistake - send BTC from GDAX account to my BCH Kraken account, is there a way to recover my funds ( I emailed both exchanges but usually takes days for their support to reply)

I just received the below reply from Kraken Customer Service, I guess not much to do at the moment and just wait..... Any suggestions ?

So you can send transactions from the BTC blockchain to the BCH blockchain back and forth?

that's pretty weird. I thought the private keys would be different for each chain, and it's just 2 different networks... I can't say I can get my head around this.

Kraken owns the private keys, both chains can use the same address, and they come from the same private key.

I just received the below reply from Kraken Customer Service, I guess not much to do at the moment and just wait..... Any suggestions ?

Hi,

Thank you very much for your email. We are very sorry to hear that you sent these assets to the wrong address.
At Kraken, we do what we can to prevent these mistakes from happening. That's why we make sure that our deposit page contains a warning and acknowledgement that Kraken is not responsible for these mistakes.

In this case we have decided that we are going to make an exception to our general policy of not recovering crypto tokens that have been sent to the wrong address and assist you with the recovery. However, our developers, who are required to recover the funds for you, are very busy at the moment.

We will have to ask you to wait a minimum of 90 days until the recovery can be attempted. These efforts will take time and may not be possible in some cases. We will give you an update only after the recovery has been completed. Please be patient as our team works to resolve your issue.

Thanks a lot for understanding!

Thank you both for the thorough replies, LoyceV  do you know if this person recovered his funds from Kraken ? the amount I send is over a bitcoin, so it is quite a lot......

"You are absolutely correct about us possessing the private keys in this circumstance. That being said, it isn't as straight forward as you might think. Kraken is a cryptocurrency exchange and the nature of cryptocurrency exchanges are wholly different from the experience you might have with a personal wallet where you have easy access to the private keys. With things like the theft of Mt Gox, the internal compromise of Shapeshift, the social engineering of BitPay, and others, we must put security as the paramount concern. As such, our exchange is setup in such a way that nobody within Kraken can unilaterally move funds. We believe that this is a very important protection that makes it extremely difficult for client funds to be stolen by external or internal parties.

Only a very small group of people at Kraken (devs) have the ability to access your funds given an auditable thorough process of checks and balances. This makes the process extremely resource (time) intensive for the devs that have very full plates and very little time to dedicate to any specific task. They must prioritize all of our tasks internally and the requests of clients as best they can. We think that the prioritization of improving our UI/UX as to avoid these type of mistakes will show the greatest dividends for our clients."

In theory, your coins are sitting on the BTC blockchain in the same address you sent the BCH to. So who owns the private keys of these? if im not mistaken, nobody does.

Hello,

I made a stupid mistake - send BTC from GDAX account to my BCH Kraken account, is there a way to recover my funds ( I emailed both exchanges but usually takes days for their support to reply)