Possibility of retrieving USDT(tether) sent to Ethereum Wallet over Eth(ERC20)

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: mk4 on September 29, 2021, 12:36:58 AM

Regardless, please update us with their response.

Finally after 36 days, I received my USDT back in my Binance account. Moral of the story, (1) always be extra careful when sending your coins to another party, never rush to it. (2) if mistake in transfer are executed, but where there is the possibility to recover it, be persistence.(3) Usually digital transaction are quite instantaneous upon execution, it always the human factor that delays(to and fro corresponding with support, be prepare to repeat story multiple times)

I would also like to thanks all for advises and suggestion rendered.

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: Mahanton on September 29, 2021, 07:36:14 PM

As far as i know which Tether do make use of the same blockchain which is erc20 which it could still possibly be retrieved.
Take a look on similar situation as yours and you mind fight up some solution on this one upon reading.
https://www.reddit.com/r/CryptoCurrency/comments/j4rcbv/i_sent_usdt_to_an_eth_wallet_is_it_lost_forever/
https://www.reddit.com/r/CoinBase/comments/itw226/sent_usdt_to_eth_address_from_coinbase_customer/

Thanks for those links, I did google prior and saw these. Although each have some similarity, some differences as well, with mixed views but it good for referencing. Hence decide best to post self situation to seek views and thoughts.

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: X-ray on September 29, 2021, 07:16:18 PM

Can you tell me whether USDT and ETH deposit address are the same or not? So many exchange sites were using the same address for both of deposit.

Under the broker there are the Ethereum ERC20 wallet and Tether ERC20 wallet. Both have different wallet address. While checking on fee I alternate copied each wallet address to Binance send page, as notice both use Eth(ERC20) network with USDT selection option, I sent. After which have the feeling I should use the Tether ERC20 wallet, as I last pasted with Ethereum ERC20 wallet address. Cry

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: Hansolo_111 on September 28, 2021, 10:09:41 PM

Instead of sending to a Tether wallet, I sent some 2.5K of USDT from Binance to my forex broker's(FBS) Ethereum wallet address over Eth(ERC20) network. My broker is telling me that they did not receive the fund and cannot do anything. I have tried googling to find out more information and to seek more information from anyone that experience the same ordeal.

Correct me if I am wrong, I understand owner of the wallet can access through a private key to access the fund and that only sending over different network will result in un-retrievable of the fund.

I tried checking with Tether support but they commented that they are in no way involved and thus are unable to assist me.

Is there any advice I can follow up with my broker's support to do the extra miles to help in getting the fund back or is it a bitter experience?

Thanks in advance to all advice providers.

As far as i know which Tether do make use of the same blockchain which is erc20 which it could still possibly be retrieved.
Take a look on similar situation as yours and you mind fight up some solution on this one upon reading.
https://www.reddit.com/r/CryptoCurrency/comments/j4rcbv/i_sent_usdt_to_an_eth_wallet_is_it_lost_forever/
https://www.reddit.com/r/CoinBase/comments/itw226/sent_usdt_to_eth_address_from_coinbase_customer/

X-ray

hero member

Activity: 2996

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: Hansolo_111 on September 28, 2021, 11:39:45 PM

the eth wallet recieve in USDT could convert it to Eth of similar value?

It can't, as far as i know if that's USDT ERC20 and then the deposit address must be the same with ETH deposit address, this might be a different case when you're depositing your USDT through use the second or first layer solution of ethereum just like BSC or polygon. ETH wallet that received USDT could not convert it to the ETH with equal value. It will remain still USDT but believe me they were lying with you.
If your transaction already confirmed and your funds already delivered on the deposit address. Can you tell me whether USDT and ETH deposit address are the same or not? So many exchange sites were using the same address for both of deposit.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: Oshosondy on September 29, 2021, 02:36:08 AM

If such happens to noncustodial wallet user, the seed phrase or private key can be imported to wallets that support the coin and the coin will be seen and the person will be able to spend it, it takes nothing more than to get supported wallet which are free to download and use. This is one of the easiest ways exchanges are scamming people because many people that lost their coin using exchanges lost their coin just like this and many of them will not meet the exchange requirements of such recovery and the money lost forever while the exchange will be the one to gain the coin.

While exchanges should be doing this to help their users, it's a lot more complicated than you think. If we're talking about a personal non-custodial wallet, then it's just as easy as you're describing. On the other hand, when we're talking about an actual exchange that uses complex software to handle it's thousands and thousands of wallets and their respective keys, then it's definitely not as easy as just importing a private key to a mobile wallet or something.

Oshosondy

legendary

Activity: 1554

Merit: 1167

Gamble responsibly

Quote from: mk4 on September 28, 2021, 11:12:48 PM

As far as I know most exchanges do support the retrieval of funds that has been "lost" due to such mistakes, but exchanges do require a fee, and it can be quite hefty. Some exchange's back end software are simply designed for better retrieval and some do not, hence the fees.

You just hope that the exchange you're using does retrieve funds and that your 2.5k meets their minimum.

If such happens to noncustodial wallet user, the seed phrase or private key can be imported to wallets that support the coin and the coin will be seen and the person will be able to spend it, it takes nothing more than to get supported wallet which are free to download and use. This is one of the easiest ways exchanges are scamming people because many people that lost their coin using exchanges lost their coin just like this and many of them will not meet the exchange requirements of such recovery and the money lost forever while the exchange will be the one to gain the coin.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: Hansolo_111 on September 28, 2021, 11:31:17 PM

I would not say it is an Exchange. In my case, I believe the broker(FBS)'s Finance department act only as intermediary, while the payment system may not be from them. But still they would be in the best position to liaise with payment system to resolve.

Hmm. Regardless though, they should be able to retrieve the funds. It would just completely depend if they think that the 2.5k is worth their troubles. If their system is designed without this type of user error taken into consideration, it may be quite complicated to do so.

Regardless, please update us with their response.

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: cabron on September 28, 2021, 11:18:43 PM

I have experienced the same thing by sending ERc20 token to a wallet that doesn't support it and they are saying they couldn't help me. You can't just force them to support the token all because of your mistake. 2500 USDT is a big amount but it's just how miserable the situation is. I hope your broker will eventually support the ERC20 which I guess you can access if when it happens.

If these brokers will just give us the private keys of our ETH wallets, I think we can get it back. They are not up to do that though.

From Binance sending page both USDT and Eth can an option for selection to send to an Eth wallet, using ERC20 network. I believe my situation is not as dire as sending on a different network. Probability for such system, the eth wallet recieve in USDT could convert it to Eth of similar value?

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: mk4 on September 28, 2021, 11:12:48 PM

As far as I know most exchanges do support the retrieval of funds that has been "lost" due to such mistakes, but exchanges do require a fee, and it can be quite hefty. Some exchange's back end software are simply designed for better retrieval and some do not, hence the fees.
You just hope that the exchange you're using does retrieve funds and that your 2.5k meets their minimum.

I would not say it is an Exchange. In my case, I believe the broker(FBS)'s Finance department act only as intermediary, while the payment system may not be from them. But still they would be in the best position to liaise with payment system to resolve.

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: Gambit2s on September 28, 2021, 10:56:47 PM

You should've checked before sending that the exchange supports ERC-20 network, btw you mind mentioning the broker's name (the recipient) ? because they often take actions if enough noise is made in the forum.

I admit it is really something I overlooked from my end, being in Binance sending page with either Tether or Eth address link I pasted in, I have the option to select USDT and Eth(ERC20) network. The broker's name is FBS. I have over 10 chat session with their different support, there is even assurance that such cases are common and everything will be sorted out..until the last the chat the support said they cannot do anything..

Quote

Yes,but in this case you're not really the owner of the wallet (aka you dont have the private keys) so its up to the broker if they care to sort this mess out, few emails and scam accusations should do the trick tho i have seen cases like these been solved before you just need to be a bit more persistent.

To me in layman term, my courier dispatched a payment to the company I define on the correct routing, but having input the wrong department the payment ended up in Eth payment department instead of Tether payment department. So it is to me a matter of Tether department to transfer the payment to Eth department, furthermore I have informed them prior, all relevant transaction information for them to understand the whole situation and amount. The part I don't know is the complicity of such a digital means of crypto transaction, how the binary being transferred, which unlike Fiat system there is physical objects involve.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

I have experienced the same thing by sending ERc20 token to a wallet that doesn't support it and they are saying they couldn't help me. You can't just force them to support the token all because of your mistake. 2500 USDT is a big amount but it's just how miserable the situation is. I hope your broker will eventually support the ERC20 which I guess you can access if when it happens.

If these brokers will just give us the private keys of our ETH wallets, I think we can get it back. They are not up to do that though.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

As far as I know most exchanges do support the retrieval of funds that has been "lost" due to such mistakes, but exchanges do require a fee, and it can be quite hefty. Some exchange's back end software are simply designed for better retrieval and some do not, hence the fees.

You just hope that the exchange you're using does retrieve funds and that your 2.5k meets their minimum.

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: jackg on September 28, 2021, 10:31:24 PM

Your broker is lying to you.
Persistence is the best tool you can use imo though as they did receive the tether.
You might also want to send them a link to this thread and mention you might name them if they don't credit you what they owe - if your next few emails fail.
Most cases get resolved after the first few emails as it stops becoming worthwhile to the exchange to keep replying - or you manage to get through to an engineer who can quickly remedy the problem.

I would really want to solve it in a amiable way, while I understand it would be "extra job" from their end and I am willing to offer them some fee in return for their extra efforts. But I don't deny linking them to my forum exchange would be an solution that I hope not to end up with.

Hansolo_111

newbie

Activity: 9

Merit: 6

Quote from: tranthidung on September 28, 2021, 10:28:00 PM

Does that broker support ERC-20 tokens?
They can give you support to retrieve your USDT if they want but you must know that you don't have rights to request them to do so.
To retrieve your coin, the broker (or exchange) have to expose mnemonic seeds along the process that they might not want to do. I believe that in most cases, exchanges don't support you and you should be ready for the loss.

The broker support deposit of both USDT and Eth as they have both wallet. So yes they do support USDT, it my carelessness as from Binance sending page, I saw the similar option to select Eth(ERC20) and fast finger result in the mistake.

Quote

The last chance for you is ask them to give you support with additional fee. Some exchanges help customers but with expensive fee.

Would give that a try.

Gambit2s

member

Activity: 151

Merit: 18

You should've checked before sending that the exchange supports ERC-20 network,btw you mind mentioning the broker's name (the recipient) ? because they often take actions if enough noise is made in the forum.

Quote from: Hansolo_111 on September 28, 2021, 10:09:41 PM

Correct me if I am wrong, I understand owner of the wallet can access through a private key to access the fund and that only sending over different network will result in un-retrievable of the fund.

Yes,but in this case you're not really the owner of the wallet (aka you dont have the private keys) so its up to the broker if they care to sort this mess out, few emails and scam accusations should do the trick tho i have seen cases like these been solved before you just need to be a bit more persistent.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Hansolo_111 on September 28, 2021, 10:09:41 PM

My broker is telling me that they did not receive the fund and cannot do anything.

Your broker is lying to you.
Persistence is the best tool you can use imo though as they did receive the tether.

You might also want to send them a link to this thread and mention you might name them if they don't credit you what they owe - if your next few emails fail.

Most cases get resolved after the first few emails as it stops becoming worthwhile to the exchange to keep replying - or you manage to get through to an engineer who can quickly remedy the problem.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

Quote from: Hansolo_111 on September 28, 2021, 10:09:41 PM

Instead of sending to a Tether wallet, I sent some 2.5K of USDT from Binance to my forex broker's Ethereum wallet address over Eth(ERC20) network. My broker is telling me that they did not receive the fund and cannot do anything. I have tried googling to find out more information and to seek more information from anyone that experience the same ordeal.

Does that broker support ERC-20 tokens?

They can give you support to retrieve your USDT if they want but you must know that you don't have rights to request them to do so.

To retrieve your coin, the broker (or exchange) have to expose mnemonic seeds along the process that they might not want to do. I believe that in most cases, exchanges don't support you and you should be ready for the loss.

Take it as a lesson

Not your keys, not your coins
Always do double-check or tripple check when you do any transaction
- Check the coin/ token name and ticker
- Check the chain
- Check receiving address
- Do double-check or tripple check with pop-up message from exchange and in your email

Quote

I tried checking with Tether support but they commented that they are in no way involved and thus are unable to assist me.

Sure. If you withdraw your coin from exchange A to exchange B.
Exchange B is the one will give you support. Exchange A is not in charge to support you. Because they finish their service when approve your withdrawal request AND they don't own private key of the address you sent your coin to.

The last chance for you is ask them to give you support with additional fee. Some exchanges help customers but with expensive fee.

Hansolo_111

newbie

Activity: 9

Merit: 6

Instead of sending to a Tether wallet, I sent some 2.5K of USDT from Binance to my forex broker's(FBS) Ethereum wallet address over Eth(ERC20) network. My broker is telling me that they did not receive the fund and cannot do anything. I have tried googling to find out more information and to seek more information from anyone that experience the same ordeal.

Correct me if I am wrong, I understand owner of the wallet can access through a private key to access the fund and that only sending over different network will result in un-retrievable of the fund.

I tried checking with Tether support but they commented that they are in no way involved and thus are unable to assist me.

Is there any advice I can follow up with my broker's support to do the extra miles to help in getting the fund back or is it a bitter experience?

Thanks in advance to all advice providers.

Topic: Possibility of retrieving USDT(tether) sent to Ethereum Wallet over Eth(ERC20) (Read 135 times)