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Loss of USDT withdrawal

Loss of USDT withdrawal


Cryptocoins Exchanges / Binance 10 Views

Loss of USDT withdrawal

Hey All,

I would like to share with you something that probably happens to a lot of people that use Binance exchange when they initiate a withdraw of ERC-20 tokens.

Let me briefly share with you my experience with this issue.

A week ago, On the 8th of October I have issued a withdrawal request of 150,004 USDT, from Binance trading platform to the following address 0x69062d0a189d5241B73e41ed9d06874FB65d183b

After checking carefully the address and confirming in my email the withdrawal address, binance has successfully issued the transaction, However, it appeared that binance has broadcasted the transaction on the BSC (BEP-20) network protocol instead on the ERC-20.Basically Binance has sent the 150,004 USDT tokens to the same address but on a different network protocol (BEP-20) instead of ERC-20.

When you issue a withdraw on Binance, it usually asks you which network you would like the tokens to be sent to, and I have probably miss clicked and chose BEP-20 instead of ERC-20.

The thing is, I always double verify the address in my email, but the email that binance sends for confirmation didnt mention that the address is in BEP-20 protocol (as you can see in the image). it just displays the wallet address. which is why i have confirmed the withdrawal.

Now i am sure that this happened to other people as well. Which is why I would highly suggest binance to add a clarification on withdrawals of the wallets protocols to prevent from such mistakes to happen.If you are curious what happened with the lost coins that were sent to the wrong protocol, well nothing much.

Seems like binance doesnt put much efforts in helping in such cases. I have tried to contact binance multiple times and all they keep saying is that there is nothing they can do and that I should contact the owner of that address which is obviously impossible since there is no owner of that address.

It is also important to note, that I have done several withdrawals to that same ERC-20 address from binance, but this time it was sent on the BEP-20 protocol.

I even tried contacting Tether to help freeze and recover the lost coins, you can find the response that i have recieved from Tether below:

" Thank you for contacting Tether.

I am truly sorry to hear about this situation.

Tether indeed helped many times with USDT recoveries when this was possible.Unfortunately, we are unable to help you in this case. We would have been glad to freeze the tokens and credit the amount to the original address if the transactions would have been made on the Ethereum blockchain. We do not have any control over the BEP20 tokens since Binance has created the contract and issues the tokens on the Binance Smart Chain, pegging them to the value of the ERC20 tokens."

Binance should be the only one able to assist in this situation. Didn't they provide you with any recovery guide?

Ofcourse I have not recieved any guide from binance, only messages stating that they can not do anything and ask me to contact the owner of that wallet (which does not exists).

you can find below the TXid from Binance :

And the lost coins in the wallet:

This is original wallet where the coins were supposed to be sent - is the same address but on the ERC 20 protocol , here:

I am not sure what else I can do about it, if anyone has any suggestions I would highly appreciate if you could share any.

Thanks in advance

submitted by /u/XpeanutQ
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