Transferred USDT to Coinbase and it's now lost!

Discussion in 'Crypto Assets' started by pavelonthefire, Jun 21, 2022 at 5:57 PM.

  1. Hello everyone,

    I have faced a problem and I thought you might be able to help me.

    I tried to transfer around 1,700 USDT from my Kucoin account to my own Coinbase account. For some reason which I am going to explain below the fund is not accessible.

    Here is what Coinbase says:
    It appears that this transaction was performed using arbiscan

    Coinbase Wallet does not support this network. After reviewing the transaction hash you provided again, it appears that the USDT funds were sent using the incorrect network which Coinbase doesn't support. When this happens, we are unable to retrieve these funds because we simply don’t have access to them. If Coinbase decides to list this asset on our platform for this network at a later date, please reach back out to us if your account is not automatically credited with these funds.

    I understand that recovering your crypto is important however, since Coinbase doesn’t support this network, we do not have the infrastructure built to be able to access these funds.

    While there is nothing Coinbase can do to recover these funds for you at this time, if we do add this network to our platform these funds will be automatically credited to your account.


    I raised the issue with Kucoin and this is what they say:
    I am very happy to help you. We have indeed issued this withdrawal. You can see success displayed on the blockchain.
    We recommend that you find an acceptance platform and ask them if they have a solution.



    In short Kucoin says we sent the money and it's not our problem anymore. And Coinbase says we don't support this network.

    Seems I have just lost $1,700 in one transaction. Is there anyway to access my fund?
    Please advise.
     
  2. When you send crypto to a network address only someone who holds the private key for that address can then access the crypto. If you sent to an address on a particular network for which no one holds the private key then the funds are gone forever.

    For transfers you have never done before you should ALWAYS send a test transaction with a minimal amount of crypto. If funds arrive ok then send the rest.
     
    VPhantom, jys78, rb7 and 4 others like this.
  3. since coinbase rejected/refused the xfer, it should have been kicked back to the sender, kucoin.

    if thats not how it works, then crypto is even more fuked up than i'd imagined
     
  4. DaveV

    DaveV

    Good advice for any electronic transfer, not just crypto.
     
  5. Coinbase did not reject/refuse the transaction. Transactions don't "kick back". Blockchain doesn't work that way and I won't explain it since your prior posts make it very clear you do not care how it works.
     
    jys78 and pavelonthefire like this.
  6. Your post dilemma reminds me of a recent cellphone port number transfer request. It was a nightmare. Both companies saying do this, do that, it's not our problem.

    Long story short...I decided to just get a new number, with a new phone, with a new carrier. Goodbye to the weird, confusing, past. Good riddance.
     
    jys78 likes this.
  7. Trader Curt

    Trader Curt

    Yeah, the money is gone. You sent it over a network that coinbase doesn't support.

    Your only hope is that coinbase eventually supports the network you sent it over.

    Hopefully 1700 doesn't kill you
     
    jys78 and johnarb like this.
  8. Nope, that's not how it works. Instead of posting some questionable and downright awful advice on crypto in these forums, you may wish to at least learn some of the basics. After all, the website is called ELITEtrader :D

    This is kind of the classic case of people doing transfers with Binance and then getting their shit lost on unsupported networks.

    People can always do something foolish like sending stuff to a non-existant address, or a burn address. But you can't magically call that back once you sent it.

    It's like burning fiat cash, then somehow attempting to repair it from the ashes and complaining why there isn't a way to do this.

    I've learned my lessons with banks and money-orders. This is why I do tests when sending crypto first.
     
  9. tiddlywinks

    tiddlywinks


    See, Jay Powell still has tools he can use!!
     
  10. RedDuke

    RedDuke

    You obviously did it for the first time, unfortunately you did not do a test transaction. You should have sent 10 USDT to test. I always do test run on small amount to check if plumbing works. Like someone said hopefully 1,700 will not destroy you.
     
    jys78 and Nobert like this.