BTC sent by mistake to localbitcoins wallet. How to recover? - page 2.

Sunderland

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Quote from: Dropfliesup on December 03, 2023, 11:41:22 AM

Do they have legal rights to use founds? They said that no more transactions can be made but they didn't specify who is the legal owner of such founds.

I guess the BTC will be stay there for a while, nobody will dare to move it before LBC shutdown completely of their service (maybe Feb 2024).

Correct me if Im wrong,
They might have a legal rights to use or transfer that BTC after the termination or deletion of the account because it will be consider as the property of LBC.

Dropfliesup

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Do they have legal rights to use founds? They said that no more transactions can be made but they didn't specify who is the legal owner of such founds.

Findingnemo

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Quote from: Z-tight on December 03, 2023, 07:45:35 AM

Quote from: Dropfliesup on December 03, 2023, 06:45:56 AM

I have found a law firm in London that specialises in crypto and I will see what they would advise.https://www.selachii.com/advice-for-victims-of-bitcoin-fraud.html

Goodluck with that buddy, though i am not too optimistic, but you have nothing to lose, except the cost of consulting this law firm i suppose. LocalBitcoins gave customers a 12 month withdrawal deadline which hasn't elapsed since they discontinued their service on 09/02/2023. But the problem now is, they say they no longer process incoming transactions, i don't know why they don't since they hold the keys to the addresses, they can 'easily' process the tx and make it available for withdrawal in your account since the withdrawal deadline hasn't elapsed.

They can but they won't that is the end of the story.

Because they mentioned clearly any incoming TX won't be credited to balance so legally they are on the right side.

Taking legal fights against them will exceed the actual lost amount so better take it as a lesson learned the hard way will be my advice to OP.

SquirrelJulietGarden

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Quote from: Pmalek on December 03, 2023, 09:59:26 AM

Quote from: SquirrelJulietGarden on December 03, 2023, 09:54:56 AM

Mistakenly sent, but how?

Did you log in your LocalBitcoins account and get that receiving address before sending your bitcoin from Bittrex to that account?

It's possible, but in that case OP would probably have seen the notifications on the official website that the service has been shut down. It's more likely that he saved the LocalBitcoins address somewhere on his computer (email, personal notes) and mistakenly sent the coins to it thinking they were going elsewhere.

Yes, it is what I implied the meaning of the simple step which can give a lot of information, about that service, about the account, about notifications for service closure, address changes and more.

I assumed OP saved the address and did not log in his account like you said.

Even the platform is still operating, log in step can hep me to know that my account is banned, terminated, suspended and if it happened with my account, deposit into that account will cause a loss.

Pmalek

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Farewell, Leo. You will be missed!

Quote from: SquirrelJulietGarden on December 03, 2023, 09:54:56 AM

Mistakenly sent, but how?

Did you log in your LocalBitcoins account and get that receiving address before sending your bitcoin from Bittrex to that account?

It's possible, but in that case OP would probably have seen the notifications on the official website that the service has been shut down. It's more likely that he saved the LocalBitcoins address somewhere on his computer (email, personal notes) and mistakenly sent the coins to it thinking they were going elsewhere.

DaveF

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Quote from: Pmalek on December 03, 2023, 09:34:37 AM

Quote from: Dropfliesup on December 03, 2023, 06:45:56 AM

I have found a law firm in London that specialises in crypto and I will see what they would advise.https://www.selachii.com/advice-for-victims-of-bitcoin-fraud.html

It could prove to be expensive and not really worth it if you are going to give most of the money to the law firm to handle your case. I would again advice you to contact the Finish Financial Authority and see what they have to say. It's a serious country and regulator; we aren't talking about Curacao or the Seychelles Islands. Check with them, and you can always go back to discussing the matter with a law firm if they can't do anything.

If you don't want to contact the Finish Financial Authority as Pmalek suggested, I would use a law firm in Finland where LBC is based. They are going to know that countries laws much better then a foreign firm.

Your location may matter a bit too, depending on the relationship your countries financial regulators have with the Finish ones. Your local version of the regulators *may* have a better way of contacting the Finish ones or at least a more direct route.

-Dave

SquirrelJulietGarden

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Quote from: Dropfliesup on December 01, 2023, 10:58:12 PM

Due to Bitrex exchange closure I had to withdraw my BTC and by mistake I sent it to my old Local Bitcoins wallet .

Mistakenly sent, but how?

Did you log in your LocalBitcoins account and get that receiving address before sending your bitcoin from Bittrex to that account?

I, myself, consider it is a must step to do because it takes me some seconds to log in my account. It is a simple step but important to let me know that the exchange is still lively, and my account still has no issue, or the exchange changed their hot wallets and my old receiving address is no longer usable for deposit.

If you do that step, you will not make the mistake.

Quote

The Local Bitcoin refused to return my founds stating that they warned not to send any btc and that we they do not do any incoming transactions reinbursments

They shut down their services months ago and surely have no responsibility to support customers for mistakenly deposit to an address of a dead platform.

Localbitcoins closing down in February 2023 and today, nearly the end of 2023, you still don't know about it.

Pmalek

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Farewell, Leo. You will be missed!

Quote from: Dropfliesup on December 03, 2023, 06:45:56 AM

I have found a law firm in London that specialises in crypto and I will see what they would advise.https://www.selachii.com/advice-for-victims-of-bitcoin-fraud.html

It could prove to be expensive and not really worth it if you are going to give most of the money to the law firm to handle your case. I would again advice you to contact the Finish Financial Authority and see what they have to say. It's a serious country and regulator; we aren't talking about Curacao or the Seychelles Islands. Check with them, and you can always go back to discussing the matter with a law firm if they can't do anything.

Z-tight

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Quote from: Dropfliesup on December 03, 2023, 06:45:56 AM

I have found a law firm in London that specialises in crypto and I will see what they would advise.https://www.selachii.com/advice-for-victims-of-bitcoin-fraud.html

Goodluck with that buddy, though i am not too optimistic, but you have nothing to lose, except the cost of consulting this law firm i suppose. LocalBitcoins gave customers a 12 month withdrawal deadline which hasn't elapsed since they discontinued their service on 09/02/2023. But the problem now is, they say they no longer process incoming transactions, i don't know why they don't since they hold the keys to the addresses, they can 'easily' process the tx and make it available for withdrawal in your account since the withdrawal deadline hasn't elapsed.

Dropfliesup

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I would like to thank you all guys for engaging in this matter .
I have found a law firm in London that specialises in crypto and I will see what they would advise.https://www.selachii.com/advice-for-victims-of-bitcoin-fraud.html

Pmalek

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Farewell, Leo. You will be missed!

Quote from: Myleschetty on December 02, 2023, 05:32:17 PM

A user once made a report about the exchange scamming him after they declared the shutting down of their service.

That "report" of his makes no sense. He created multiple threads on the matter and I don't know if he presented any proof in any of them. The one you linked to has no proof whatsoever about any wrongdoings. He wants to pay money for information about someone or for their arrest. I guess in his head, the work of the police and justice system depends on how much money you give them, not the evidence you have against them or probable cause.

Myleschetty

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Sorry about what happened to you especially now that the bull market is coming but the chance of you getting the Bitcoin back is slim unless you report the issue to the authorities.
A user once made a report about the exchange scamming him after they declared the shutting down of their service.

decodx

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Dropfliesup, I think Sunderland's idea is solid. That much money is nothing to sneeze at, so putting in some extra effort seems worthwhile. Lawyers have more know-how with this stuff, so even without an ironclad legal case for getting your money back, having one draft a strongly-worded letter and persistently needle whoever you can over there could pay off and you gotta be a squeaky wheel to get the grease as they say. Don't be a jerk about it, but firmly and repeatedly press them to return what ain't theirs. It might pay off in the end!

Sunderland

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https://localbitcoins.com/terms_of_service

Code:

Incoming transactions

Localbitcoins does not process any incoming bitcoin transactions anymore. In case bitcoins are sent to an address which has been linked to your account, it will not be credited to your account balance.

It will be hard to win the case with a legal way because of this terms.
If I may suggest, how about you trying to contacts some of local bitcoins high ranking staff, or even try to contact the founder Jeremias Kangas via his social media.
You can find his social media info with google.

As Pmalek said above, you have nothing to lose anymore at this point.

Quote from: DaveF on December 02, 2023, 02:17:12 PM

- snip -
It also does depend on the amount. If you are talking about 1BTC they might be more inclined to do something vs BTC0.0025

Its 0.13386546 BTC or 5,198 USD (today price)

DaveF

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You can withdraw what was there before the 16-Feb-2023 closing date.
Without knowing how their back end worked the support staff that is left might not even have access to the wallets.
BUT, you can try to keep after them. The worst they can do is keep saying no. There might be someone left who can get to the BTC

It also does depend on the amount. If you are talking about 1BTC they might be more inclined to do something vs BTC0.0025

-Dave

Pmalek

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Farewell, Leo. You will be missed!

Why does their customer service department still exist and communicates with clients if they are no longer allowing users to empty their accounts? It's no longer possible to register a new account. Weird people.
LocalBitcoins is regulated by the Finnish Financial Authorities. Tell the staff nicely again that you made an honest mistake, and if they don't want to help, you'll get the Finnish Financial Authorities involved. They might not care, but at this point, you have nothing to lose.

Dropfliesup

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I am able to log in . My inquires are open via local Bitcoin support desk . I am able to see the past
address where my btc had been sent and the same address I could check in blockchain explorer where I can see my founds stored . I have enough evidence to prove that these are my btc and I can prove that these were sent by mistake.

Pmalek

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Farewell, Leo. You will be missed!

I am surprised they are still responding to email inquiries. The site announced its closure at the beginning of 2023.
Sadly, no one can help you. Unless you can personally log in to your account and withdraw your coins elsewhere.

They still have a log in button on their website. What happens if you enter your login details, can you get access to your account? Try to reset the password via email if it doesn't work.

nc50lc

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Quote from: Dropfliesup on December 01, 2023, 10:58:12 PM

Also after my further inquiry, Local Bitcoin staff informed me that they do not provide private keys to users since Local Bitcoin is a web-wallet .
It seems that my sincere and honest explanation that the transfer was done by mistake had no effect on the final Local Bitcoin negative decision. What can be done more in this situation? Can I count on Local Bitcoins reputation ? Anyone can help?

No one can help you except them since they hold the private keys of their users' addresses.

As for their response, it seems like it's aligned with their TOS here: localbitcoins.com/terms_of_service
But there's no information about recovery of mistakenly sent funds.
The closest policy is about their altcoin recovery rule in "Acceptable Use Policy" which states that they aren't entitled to recover the funds: https://localbitcoins.com/acceptable_use_policy

Zaguru12

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From your explanation it seems local bitcoin have actually confiscated your bitcoin due to some reason, I don’t think you can do anything other than patiently chat up local bitcoin to get your coins. The phrase not your keys not your coins has played its part here, as they hold full custody of the bitcoin now. Just continuously try chatting with them and maybe it could help.

Also be-careful of scammers that might be coming to tell you they can help, only local bitcoin can release those coins now.

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