If you have ever tried to send crypto to a wallet address, you might have seen a notification warning you to make sure you have the right address. Something like this:
Crypto sent to the wrong address is difficult to recover because of the anonymity clause. Unlike PayPal where you could send an email in hopes that the recipient has a ‘good heart’, there are no identifying factors or names to trace.
Read Breach Basics: A-Z of crypto wallets
Tether’s pricy solution: Stablecoin Tether (USDT) creators developed a service to help users who send crypto to the wrong address recover their funds. They have recovered approximately $87 million in funds. This service costs $1,000 (or 10% of the crypto recovered). In essence, it’s either expensive or impossible 😩.
We don’t want you losing your crypto, so here are some tips to help you avoid this expensive error:
- Ensure that you are sending to the address for that type of coin. If you try to send Bitcoin to a Tether wallet, for instance, you will most likely lose the coins because unless you are conducting a trade (buying one coin for the other), Tether wallets only receive Tether.
- Ensure you send the right address: Most apps allow you to copy and paste your wallet address. Use this feature.
- Consider initially testing with a small fraction of your spending. Once the receiver confirms receipt, you can transfer the balance.
