I Lost Funds When Transferring To Coinbase Because Of Wrong Network

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new?

https://postimg.cc/JtvgzRVJ

The warning given to you is the normal warning that ost platforms and exchanges do give so that you can confirm your address and the network you sending to, if the two networks are not march, then you can lose your funds.

Now this information is not complete as we cannot be able to verify if there transaction is broadcasted to help you check if it has dropped or it was delayed due to either low transaction being used; and you didn't mention how long the transaction has been sent out from your casino wallet.

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new?

https://postimg.cc/JtvgzRVJ

It’s not new, although you may have just experienced it now, because every transaction needs to be on the same network before we can make any transactions at this point. And if you can’t withdraw Bitcoin directly from a particular casino, it’s a good idea to start looking at other options other than Bitcoin to be able to withdraw your money from that casino rather than forcing a transaction on a different network and potentially losing your money. So the sending and receiving networks also need to be considered before doing anything because losing money because of a small mistake like that can be very painful for those who experience it.

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

Usually on some leading exchanges there is a warning before you make a transaction where you are asked to double check before making a transaction whether the address is supported or not. Moreover, there is no screenshot that can be shown so that people can judge whether it is your fault or the exchange's fault. But in most cases the mistake is more often made by the user because they don't check first before making a transaction.

It could be as you said that you are not using the correct network because you mentioned there were no other network options so your transfer was not successful. The solution is to send feedback to the support team and ask them to double check the transaction you made if it was their fault.

Smack That Ace

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Quote from: Sim_card on October 11, 2024, 03:16:46 AM

Quote from: Smack That Ace on October 09, 2024, 03:01:19 AM

You are right, even if we transfer bitcoin to the wrong network, our bitcoin will still be transferred to Coinbase wallet. But the thing is, this is a rule, and they have warned and emphasized this to users before. If the user is wrong, the user is fully responsible and they will not help to get those bitcoins back even though they can do it easily.

This is the rule of most centralized exchanges for all coins, not just Bitcoin and Coinbase, and if we are careless, we will pay the price for our actions.

Yes, the only thing OP can do is contact the exchange support but I don't think they will help him since that is already the exchange policy. I have met some people in the same situation as OP on other exchanges but it seems they can't get their money back either.

Exactly, Coinbase might just ignore him because they have already given him warning that he wants to use the wrong network. Since they stated it that sending coins to the wrong network means that you will lose your coins, will give them the boldness to seize your coins. However, some exchange will not accept your transaction when you want to use the wrong network. OP, should see what he can do to get back his bitcoin but has 50/50 chance.

OP may still have a chance to get his money back but it depends. The only case I see where a user was able to get his money back, but that case was with the Mexc exchange. As far as I know, it was because the other user was lucky enough to get enthusiastic support from an exchange support staff and that staff was his friend. Also, I have not seen any other case where users were able to get their money back for violating the exchange's rules.

Furthermore, Coinbase is known to have poor support and is quite strict. That's why I think it will be difficult for OP to get support from them and get his money back.

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Quote from: uchegod-21 on October 12, 2024, 03:50:52 PM

My first time hearing that an exchange is against gambling? Why and what are there reasons if I may ask. Are they government?
How did you know about? Is it written in their ToS or it is out of your personal experience with them.

Many crypto exchanges can confiscate funds if it is coming directly from a casino gambling platform, their excuse as usual is money laundering, they also use the same excuse to confiscate funds coming from a mixer or CoinJoin transaction. If you want to convert funds in your casino account to fiat, you have to first of all deposit it into your self custodial wallet and from there to an exchange.

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new?

https://postimg.cc/JtvgzRVJ

Exchanges like to apply those rules because they can earn money rather easily from that. But since it's the same adress, they are able to access the funds on the other network very easily. The private key stay the same actually, and it's just a simple manipulation that any employee can do if he get the key. Keys are not available to everyone in those companies though, and they're not easily accessible, so they could charge some fees but it's not impossible to do.

uchegod-21

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Quote from: Charles-Tim on October 08, 2024, 10:15:38 PM

Coinbase.com?

If he wants to contact their customer care, he should not mention anything like gambling.

Always read the terms of service of exchanges before using them. Coinbase.com against gambling.

Withdraw first to your noncustodial wallet next time.

My first time hearing that an exchange is against gambling? Why and what are there reasons if I may ask. Are they government?
How did you know about? Is it written in their ToS or it is out of your personal experience with them.

I wish the Op can read this so that they will not lose their fund. If OP contacts Coinbase support and is able to prove they sent a coin, it will definitely be rectified. Who knows if OP sent the coin to a wrong/phishing address.

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Quote from: Dr.Bitcoin_Strange on October 10, 2024, 01:45:33 PM

I wonder how possible and true this narrative is because Bitcoin only has one network. If you are sending Bitcoin to a different platform, they could either show you to receive with sigwet address or Bitcoin address and if you used any of the two address to receive your coins, it should be deposited to the exchange, unless you withdraw USDT to a different chain. I think you should confirm first and then contact the exchange.

That's all what op can do if you ask me which is to contact the exchange support about the transaction and also check the receive address in an btc explorer like blockchair or mempool.space to see if there's really a transaction made when OP requested a withdrawal from a casino. If there's no btc sent even though op received a tx then it should be a scam that a casino have done. If that's the case then op should make a scam accusation thread.

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new?

https://postimg.cc/JtvgzRVJ

Well, your information is very limited, and with what you have provided, it will be very difficult to ascertain the real root of the issue and why you didn't get your bitcoin on your coinbase wallet.
It's important you know that sending and receiveing bitcoin is very easy, and the network doesnt operate like EVM network where different blockchain networks makes use of the same wallet address, thereby making the chances of send funds to the right address but over the wrong network really high.

You should really find out from the casino which network you sent your bitcoin over, and check your coinbase wallet to know which network you copied your receiveing address you pasted on the casino from, if both match, then contact the casino's customer care and let them know that you didn't recieve the funds the claim they sent, they should provide you with the ID of the transaction to prove that the funds was really sent to the right address.

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From the screenshot itself, it's impossible to know what went wrong. It might have been a mistake with a Bitcoin address, or a scam by a casino not actually going through with the withdrawal the op tried to make. Without seeing the address, it's impossible to understand what causes the warning message, so I hope op will provide more info. And then you can try going to Coinbase support, but without mentioning that the funds are from a casino if they policy, as others pointed out, is very much anti-gambling.

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Quote from: Smack That Ace on October 09, 2024, 03:01:19 AM

Quote from: seoincorporation on October 08, 2024, 09:59:38 PM

Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new?

https://postimg.cc/JtvgzRVJ

That's weird, if you send it to a bitcoin address then the coind should be in that address, and if you send it to another network but to a bitcoin address, then the exchange should have the private key to that address, so, they should be able to recover those coins.

But is weird, the exchange should give a warning, something like "not valid address", i mean, you can't send BTC to a Dogecoin Address (That's just an example), But contact support on Coinbase, for sure they should be able to help you.

You are right, even if we transfer bitcoin to the wrong network, our bitcoin will still be transferred to Coinbase wallet. But the thing is, this is a rule, and they have warned and emphasized this to users before. If the user is wrong, the user is fully responsible and they will not help to get those bitcoins back even though they can do it easily.

This is the rule of most centralized exchanges for all coins, not just Bitcoin and Coinbase, and if we are careless, we will pay the price for our actions.

Yes, the only thing OP can do is contact the exchange support but I don't think they will help him since that is already the exchange policy. I have met some people in the same situation as OP on other exchanges but it seems they can't get their money back either.

Exactly, Coinbase might just ignore him because they have already given him warning that he wants to use the wrong network. Since they stated it that sending coins to the wrong network means that you will lose your coins, will give them the boldness to seize your coins. However, some exchange will not accept your transaction when you want to use the wrong network. OP, should see what he can do to get back his bitcoin but has 50/50 chance.

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new? [...]

Coinbase supports other networks for bitcoin deposits other than the native bitcoin network, as far as i know they support wrapped bitcoins that are on the Ethereum & Base networks. Actually, this will be easy to answer if you have important sources such as the TX ID provided by the casino where you played, so we can help you find out why you haven't received your balance & what is really happening here.

pinggoki

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I think you deserve to lose that money, you were already given the warning to make sure that the network is matching so there's no chance that your funds would get lost in the transaction but you still seem to have done the thing and go for it anyway which is stupid in my opinion, I had that habit of heeding the warning when I'm transferring funds for awhile now and it would be a really good thing if you also learn about it too because most of the time, it saves you the headache and as @tabas have mentioned, there's bound to be another problem coming your way if you really want to solve this problem that you've got.

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Quote from: Charles-Tim on October 08, 2024, 10:15:38 PM

Coinbase.com?

If he wants to contact their customer care, he should not mention anything like gambling.

Always read the terms of service of exchanges before using them. Coinbase.com against gambling.

Withdraw first to your noncustodial wallet next time.

Hmm 🤔🤔, well that's new? I mean I haven't really come across such although Coinbase is not an exchange that I use so I really don't know much about them but still the same, I believe the point being emphasize on is actually reading the terms of any exchange before actually making any transaction but I think if I actually read what the Op said in " I have never experienced this before, is this new ? which means he must have been making withdrawals from the casino to his Coinbase wallet or am I missing? . Although I think the possible reason why this must have occurred is due to maybe the funds sent isn't inline with the minimum deposit of the exchange because I myself have also lost some funds due to this same reason.

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@OP aside from showing the TXID, you should remember that exchanges like Coinbase are strict if you're sending your funds from casino into your account there. So, there's a possibility that after this trouble you face, there's another one. If you have mistaken sent it into another network, they can amend that but it will cost you some money and evaluate whether it's worth it with the amount you sent them or not.

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As pointed out, best to check the transaction sent first or if they actually sent it. Sometimes some services would publish a transaction ID in user accounts but would take awhile to broadcast it as well.

I would recommend blockchair.com for this because it supports several blockchains hence a general search on the homepage would return result with a matching chain/s. It'd be easier for you.

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You probably, somehow, chose a similar address to bitcoin, like bitcoin cash, and deposited your BTC there. If this was a private address, like if you sent money to a friend, this would be possible to recover because you can import a bitcoin wallet to a bitcoin cash wallet, but exchanges don't bother to help their customers like that. They probably do recover these funds, but for themselves. They won't waste their time helping you, especially over a small amount of money, but you can be sure that if it's $100k missing, someone will find time to get that out Wink

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Quote from: Anderson0077 on October 08, 2024, 09:50:10 PM

I transferred $500 worth of BTC from Coinbase to an online casino. No problems.
After several weeks of gambling, with a $48 profit, I withdrew the funds into my Coinbase BTC account.
I received a Warning notice from Coinbase saying that I need to use the correct network or I could lose my funds.
However, there were no options available when I made the transfer.
It's been several days, and all the money has been withdrawn from my online casino account, but I didn't receive it in my Coinbase account.

I've never experienced this before. Is this new?

https://postimg.cc/JtvgzRVJ

As a crypto newbie you need to be careful anytime you want to make any transportation so that you won't end up losing your little/huge coin to the air. However I could remember a female friend of mine that lost $250 because of a memo tag. Earlier this year or some months back ToN network was free when you want to use it for USDT or BTC transactions but after some time they added charges to it, (whichmeans in some exchanges you can no longer use it for free). So she sent usdt with ton network but she didn't include the memo tag and the transaction was stocked and she didn't know what to do. But I told her what and what she could do to get back some of her money. Am just trying to say that whenever we want to make any transaction we should be careful so as not to send it to a wrong address.

Dr.Bitcoin_Strange

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I wonder how possible and true this narrative is because Bitcoin only has one network. If you are sending Bitcoin to a different platform, they could either show you to receive with sigwet address or Bitcoin address and if you used any of the two address to receive your coins, it should be deposited to the exchange, unless you withdraw USDT to a different chain. I think you should confirm first and then contact the exchange.

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Quote from: Dailyscript on October 09, 2024, 06:04:28 PM

This is one advantage of not reading. Whenever we are transferring funds we should check the writeups in the platform because they always keep a note. Either you see; a minimum deposit of $10 dollars and send to the correct network, assets sent to the wrong network will be lost.

I agree, it's important to read the instructions and warnings of exchanges and other platforms to be safe from mistakes. I guess OP has avoided reading of the information available on the exchange and that's why he/she has made deposit in wrong network. OP, my suggestion for you is to contact the support team of the exchange and see what response you get.

Topic: I Lost Funds When Transferring To Coinbase Because Of Wrong Network (Read 427 times)