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Sending coins/Tokens to wrong address

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I know this has happened to me once when I just entered crypto, sent a token with same ticker to the wrong exchange wallet address. Now the question is, what happens to the token or coins you mistakenly sent to a wrong address since they are not delivered? Do they burn up in crypto space or what? This has been on my mind so just needed some understand on it.

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Just now, Nicecrypto said:

I know this has happened to me once when I just entered crypto, sent a token with same ticker to the wrong exchange wallet address. Now the question is, what happens to the token or coins you mistakenly sent to a wrong address since they are not delivered? Do they burn up in crypto space or what? This has been on my mind so just needed some understand on it.

The tokens you send to the wrong address is now the property of that address owner and you can not do anything as this is the biggest disadvantage of the Crypto.

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I believe those are just lost and nobody neither the smart contact owner of both the coins can get it and it will be somewhere in the blockchain which cannot be accessible to anyone.

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4 hours ago, bitcoworld said:

This all should not happen as you can double or Tripple check it but anyways sometimes we do something while we think on a different thing and the issue happened to me as well but lucky me Yobit canceled the transaction. If you send it to the wrong address and the transaction went out I think there is no chance to get them and they are fully burned. I found this very helpful check the link below:

https://coincodex.com/article/1666/what-happens-if-you-send-your-coins-to-the-wrong-address/

Thanks that link was very helpful and I believe there goes the coins even though much much but you still fell that sense of lost 😥 well, it is what it is. 

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Sending coins to a wrong address cannot be recupered 

people always must double check if the address is correct beffore doing any transaction .

If the address doesn't exist the transaction will be canceled .

 

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it happend to me once , i sent some coins from my wallet into a  close coin wallet in some exchange , unfortanly i didnt recived my money , i think its will stuck in the blokchain.

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If you have sent your money to wrong address you just say goodbye to that money as there is no way to reverse the transaction

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9 minutes ago, williamz902 said:

Maybe one day someone will get assigned the address which you incorrectly sent to and they will end up with free coins! I always double and triple check when I send anywhere.

Yeah you must always check it several times before sending the money or you may lose the money for good, people should be more careful about sending coins to other addresses

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carelessness can lead to such faulty operations. we can make such mistakes when we have too many thoughts in our minds. so I always check the first 3 and last 3 characters at the address to be sent. This is the easiest way for safe and accurate operation.

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On 10/13/2019 at 12:47 PM, Nicecrypto said:

I know this has happened to me once when I just entered crypto, sent a token with same ticker to the wrong exchange wallet address. Now the question is, what happens to the token or coins you mistakenly sent to a wrong address since they are not delivered? Do they burn up in crypto space or what? This has been on my mind so just needed some understand on it.

This story should never have happened if you cared about your investment. Be careful before sending it. Always check two or three times. This action is mandatory, my friend.

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1 hour ago, lucky80 said:

This story should never have happened if you cared about your investment. Be careful before sending it. Always check two or three times. This action is mandatory, my friend.

I don't think is about not being cared for my investment, things happen and I believe I am not the only one this has happened to and besides it was in 2017 like I said I just wanted to know what happens to such token/coins sent to a wrong address the confusion was two different projects with the same ticker after I sent from my wallet to the exchange and didn't receive that's when I started checking and realized they were different and I also believe I have gotten plenty explanation on different scenarios in previous post.


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1 minute ago, Nicecrypto said:

I don't think is about not being cared for my investment, things happen and I believe I am not the only one this has happened to and besides it was in 2017 like I said I just wanted to know what happens to such token/coins sent to a wrong address the confusion was two different projects with the same ticker after I sent from my wallet to the exchange and didn't receive that's when I started checking and realized they were different and I also believe I have gotten plenty explanation on different scenarios in previous post.

You must be careful if you care. If you send it to the ethereum address, the normal process transpires. The recipient will gratefully receive your token.

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On 10/13/2019 at 12:47 PM, Nicecrypto said:

I know this has happened to me once when I just entered crypto, sent a token with same ticker to the wrong exchange wallet address. Now the question is, what happens to the token or coins you mistakenly sent to a wrong address since they are not delivered? Do they burn up in crypto space or what? This has been on my mind so just needed some understand on it.

yes the wrong coin will land to the wrong address earlier, the coin will be received at that address, if it is forfeited cannot be compensated? I have never experienced it

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your coins will definitely lost buddy, but if addres is not exist and /or the addres wallet is not supported,  transaction may fail, but if the address exists, we automatically cannot do anything, so I hope you more careful

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On 10/14/2019 at 3:59 AM, williamz902 said:

Maybe one day someone will get assigned the address which you incorrectly sent to and they will end up with free coins! I always double and triple check when I send anywhere.

me too.  Always double-check several times to make sure the address is correct.  even so, I made a mistake accidentally, i was wrong to send the token to the contract address.  funny indeed, luckily the admin of the token wants to resend my token.

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I don't know what really happens to your tokens if you send it to the wrong address, maybe it will burn I guess, but I'm sure it will gone, you can not recover it.

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12 minutes ago, Bitxalt said:

your coins will definitely lost buddy, but if addres is not exist and /or the addres wallet is not supported,  transaction may fail, but if the address exists, we automatically cannot do anything, so I hope you more careful

Transactions in bitcoin or cryptocurrency cannot be canceled after sending the funds will be sent there is no fetal dispute. If you use an online wallet, one shipment will be executed, if you use a wallet from the exchanger there will be a confirmation to the email to execute. So before the email is confirmed the transaction has not been processed and can be canceled. But if the email has been confirmed it will not be able to cancel again. Unless you call the recipient and he wants to return it.

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29 minutes ago, Dprincebh said:

It's not burn. Since the token is using the same blockchain. But assuming you sent ETH to BTC address that is gonna be burn and can't be recovered again.

Are you crazy ? you can't send ethereum to bitcoin address! That will never happen. Ethereum use different string.

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4 minutes ago, Deborah Christine said:

Transactions in bitcoin or cryptocurrency cannot be canceled after sending the funds will be sent there is no fetal dispute. If you use an online wallet, one shipment will be executed, if you use a wallet from the exchanger there will be a confirmation to the email to execute. So before the email is confirmed the transaction has not been processed and can be canceled. But if the email has been confirmed it will not be able to cancel again. Unless you call the recipient and he wants to return it.

but if the addres is wrong and doesn't support to our coin type, transactions will also fail, for example we send erc20 coins to a wave wallet address, automatically there will never be a transaction because it cannot be sent.

1 minute ago, lucky80 said:

Are you crazy ? you can't send ethereum to bitcoin address! That will never happen. Ethereum use different string.

this is the point and what I mean @Deborah Christine


 Trade what you see, not what you expect 
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when you send token or coins to the wrong address, then they will be gone, they will never come back, because there is no option of reversal and refund in the crypto currency, you have to double check before sending.


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On 10/13/2019 at 9:10 AM, Khan said:

The tokens you send to the wrong address is now the property of that address owner and you can not do anything as this is the biggest disadvantage of the Crypto.

do you see this as a disadvantage? I think it is the same as with our banks, if yousend your money to an account that belong to someone else your chances of recovery are very, very, very slim...

In crypto, if you are responsible for your funds, private keys, wallets, etc, than it would make sense that you become responsible to check the destination address and ticker multiple times

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If you send to the wrong address then you can not refund and it is unfortunate when the incident occurred

Double check before sending coins / tokens to avoid sending wrong address

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On 10/13/2019 at 9:10 AM, Khan said:

The tokens you send to the wrong address is now the property of that address owner and you can not do anything as this is the biggest disadvantage of the Crypto.

I once fall a victim also when I was not use to sending my token to exchange, I mistakly send my token to the contract address and inform the team, they where like it gone and nothing to do.

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1 hour ago, jumail said:

me too.  Always double-check several times to make sure the address is correct.  even so, I made a mistake accidentally, i was wrong to send the token to the contract address.  funny indeed, luckily the admin of the token wants to resend my token.

Much safer when copying and address need to look at it well, before making attempt to send it out to any various address you wish.

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Thanks to cryptocurrency ETFs, they can easily include bitcoin (and soon Ethereum) in their investment portfolios.   According to analysts, around 700 investment companies have already invested in such funds. Nevertheless, the share of institutional investors in bitcoin-ETFs is currently only about 10% of the total. Motley Fool estimates that if financial institutions invest about 5% of their assets in bitcoin, the market capitalization of the first cryptocurrency could exceed $7 trillion, which explains its forecasted rate of $400,000.   Considerably less optimism was heard in the forecast of Bloomberg senior analyst Mike McGlone. According to him, bitcoin's volatility leaves it trailing gold and the US dollar in investment appeal. Furthermore, he believes that stocks will soon crash amid the expected recession, but BTC will suffer even more than the stock market. McGlone emphasized that the Tether (USDT) stablecoin, pegged to the US dollar, typically trades twice as much per day as bitcoin. "I can access the US dollar anywhere in the world from my phone using Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has moved to the dollar. Why? Because it's the least bad of all fiat currencies," the Bloomberg expert stated.   While Mike McGlone merely downgraded bitcoin's attractiveness, Cardano founder Charles Hoskinson simply buried it. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." He pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the contrary, consider L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of bitcoin's innovation revival. Strike CEO Jack Mallers defended the first cryptocurrency. According to him, the Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase the demand for the first cryptocurrency. Mallers believes that thanks to this, bitcoin can be used for everyday purchases, such as paying for a cup of coffee. Former BitMEX CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low use in protocols.   As of the time of writing this review on the evening of Friday, 31 May, ADA is trading at 0.45 USD per coin, while bitcoin and Ethereum are faring significantly better: BTC/USD is trading at $67,600, and ETH/USD at $3,790. The total cryptocurrency market capitalization is $2.53 trillion ($2.55 trillion a week ago). The Bitcoin Fear & Greed Index remained almost unchanged over 7 days, staying in the Greed zone at 73 points (74 a week ago).   It should be noted that ETH/USD failed to break through the $4,000 resistance this past week. The local maximum was recorded on Monday, 27 May, at $3,974. The lack of an immediate pump is explained by the fact that everyone who wanted to buy Ethereum in anticipation of the SEC's historic decision already did so. Meanwhile, according to some analysts, there is a high probability that immediately after the launch of the long-awaited spot exchange funds, Ethereum will enter a deep drawdown, similar to what happened in January with bitcoin. Then, over 12 days, it fell by 21%.   One of the key reasons for BTC's drawdown at that time was the unlocking of GBTC fund assets from Grayscale, which was converted into a spot fund from a trust. It began losing investments daily at a rate of $500 million. It is possible that something similar could happen with Ethereum, where Grayscale's ETHE fund holds $11 billion worth of ETH. As soon as this fund is converted into a spot fund and its assets are unlocked, short-term investors might start taking profits, potentially causing ETH/USD to fall to the strong support zone of $2,900-3,200. Pessimists among bearish factors also cite the uncertain legal status of the altcoin, as the SEC has not yet clearly defined whether ETH is a commodity or a security. Additionally, the regulator has many complaints about the staking program.   Staking is a way to earn cryptocurrency by "locking" a certain amount of coins in a wallet on the Proof of Stake (PoS) algorithm to support the network. In return, the user receives rewards in the form of additional coins. According to Wall Street legend Peter Brandt, "the biggest disasters in the cryptocurrency sphere that are yet to happen will be related to staking." The expert noted that such assets as Ethereum are often rented out to earn such income, often in the form of interest, which strongly reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it could attract increased attention from central banks, treasuries, and other authorities. This could lead to tighter regulation, significantly altering the crypto space and potentially resulting in the cessation of staking and bankruptcies for those involved. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Даа, кроме нас на форуме остались рекламщики обменников и все). А у вас было монета not, он очень хорошо вырос. Надо было покупать сразу после листинга. Даа, упускаем моменты). Биткоин продолжает коррекцию делать, а я купил какие то щитки и вынужден ждать. 
    • Крупный банкир получил тюремный срок за криптомошенничество   Бывший инвестиционный банкир Рашон Рассел приговорён к 41 месяцу тюремного заключения за мошенничество с использованием цифровых активов. В результате расследования правоохранительные органы США выяснили, что обвиняемый начал опробовать свою мошенническую схему на друзьях, бывших одноклассниках и коллегах по работе в криптофонде R3 в ноябре 2020 года. Рассел обещал им гарантированную доходность инвестиций от 25% до 100%. Чтобы его слова были ещё убедительнее, он пустил в ход свой опыт инвестиционного банкира и сфабрикованные документы (поддельные счета, переводы). Сначала он использовал часть полученных обманным путём средств для выплаты долгов более ранним инвесторам. Остальные деньги Рассел тратил на азартные игры и поддержание роскошного образа жизни. Такая мошенническая схема работала до августа 2022 года. В апреле 2023 года Рашона Рассела арестовали, а в сентябре он признал свою вину. Тогда же выяснилось, что Рассел незаконно приобрёл около 100 кредитных и дебетовых банковских карт на имена других людей. По мнению следователей, он планировал использовать карты для проведения транзакций с полученными незаконным способом деньгами. Минюст США подсчитал, что потери инвесторов от мошеннической схемы Рассела составили $1,5 млн. Именно эту сумму подсудимый должен выплатить своим жертвам в качестве компенсации. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2428894
    • CryptoRank поделился списком крупнейших разлоков июня.        Будьте осторожны в отмеченные дни, ведь увеличение предложения может вызвать давление со стороны продавцов. ARB — $105.21 млн;APT — $103.03 млн;UNI — $87.93 млн;STRK — $75.67 млн;DYDX — $66.3 млн;SEI — $63.81 млн;ID — $55.82 млн;IMX — $54.96 млн;MERL — $42.21 млн;ENS — $36.65 млн.  
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