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Tokenview Q&A: How Do I Retrieve My Crytocurrencies After I Transafer to the Wrong Address
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Tokenview Q&A: How Do I Retrieve My Crytocurrencies After I Transafer to the Wrong Address

Question:

Tokenview received a help email from a user. The user told that he received a call from the platform where he was trading, the platform asked the user to withdraw coins due to system updates. After the user performed the withdrawal operation, he found that the withdrawal address was tampered with to another Ethereum address starting with 0x instead of the withdrawal address filled in by the user. The user suffered a loss of 15,723.033 USDT.

Answer:

Then, after transferring the wrong address, can the transaction be reversed through a third-party platform, or the wrong currency can be directly corrected to the correct account? It is almost impossible to retrieve it. Based on the irreversible properties of the blockchain, whether it is Bitcoin, Ethereum or USDT, as long as the transaction is completed on the chain, it is irreversible, and no one can cancel the transaction or change the transaction path. Unless the blockchain is attacked, but chains like Bitcoin and Ethereum have a large number of nodes, the cost of the attack is very high, and as the number of confirmations increases, the probability of tampering is almost zero.

As for the news about transaction withdrawals and fee refunds that we usually see, it is actually that after transferring the wrong transaction, the receiver (regardless of whether the receiver is an exchange or a mining pool) is willing to transfer the wrong transfer back the same way. Behavior, not a real reversal of transactions on the chain. Another possible situation is that more than 51% of the nodes vote for the rotation operation, but this is also difficult to achieve.

Therefore, when we transfer funds to others, or deposit and withdraw coins to the trading platform, we must double-check the transfer information, make sure that the address is not filled in error, and try to choose large platforms and wallets for transactions, transfers, etc., to avoid loss of funds .

At the same time, we need to check whether the transaction has arrived through the Tokenview block explorer, which can be confirmed by the transaction ID or the latest transaction status of the transfer address. At the same time, we can also observe the number of confirmations. Under normal circumstances, we believe that when the number of Bitcoin confirmations reaches 6 and the number of Ethereum confirmations reaches 12, there is no risk of transaction cancellation due to forks. This is why we have clearly found that the transfer was successful, but the trading platform has not confirmed your deposit. Don't panic at this time, remember to use the Tokenview block explorer to check whether the confirmation number meets the platform requirements.