This morning my poor memory made me think this transaction was safe, but it wasn’t. I sent a large sum (over $100k) of USDC via AVAX C-chain from Metamask to my BitYard account which only uses ETHER network. The transfer was successful but the USDC never showed up in my BitYard account wallet for USDC because BitYard only makes that wallet compatible with ETHER network.
BitYard might claim they “can’t retrieve them”, I’m waiting for them to respond, but no matter what they say it IS possible for them to retrieve the USDC, right? What would BitYard technically need to do to retrieve these USDC coins? Is retrieval so difficult that they would let a customer lose over $100k? If BitYard started supporting AVAX C-chain for USDC in 3 years would I get access to my USDC at that future date?
True , your tokens may have crossed chain networks , but I still think something can be done . Be patient and wait for one of the community administrators to assist you
Maybe they’ll give it back to you but it will take a month.
Try offering them a financial reward for faster help
Yeah… that’s exactly what I did. My real question is whether it’s technically POSSIBLE for them to find the coins? And if so, how difficult is it for them? And what exactly is necessary in getting them?
I’m worried that they’ll take the easy road and say “Sorry we can’t get them”, just because it requires some work on their part.
You have to motivate them somehow they write: that they have technical staff…
They will need a private key or something else I don’t know much about this BitYard page.
Ok, I know even less than you do, probably. I’m pretty sure they don’t allow me access to the private key… but they of course have it themselves. What would they need to do with that private key?
I can’t know how their site works I don’t work for them hehe
Of course they don’t give you a private key (it would not be safe…)
If they have a private key it can be used in a software wallet…
I’ll keep my fingers crossed for you let it turn out well.
The BitYard site provides a couple different wallets for each coin type, e.g., for Bitcoin they provide me with one wallet address that is specific to BITCOIN network transfers and a different wallet address for BSC network transfers, but they both can be used to transfer Bitcoin into my BitYard account. Same thing for USDC, except there is a single wallet address that works for both ETHER and BSC network transfers.
How confident are you that a private key for my BitYard USDC wallet will enable an expert to find the missing USDC coins? What actions would be required with this private key? Connecting that wallet to MetaMask would allow the missing USDC to be seen?
Yeah and each site works a little differently.
I don’t know what experts they have we will see.
Hi @no_need_for_name. Bityard or any other custodial Exchange/ wallet holds your private keys to all coins, even if the coin is not supported by the Exchange at the time. It’s worth noting that a single address can be used for multiple blockchain networks and can receive a variety of coins if the wallet patterns are similar. And as a result, the same private key associated with that wallet is able to access and transfer funds. For instance, ETH, BNB, and Polygon all use the same wallet address pattern, which means that a single address can be used to receive coins from multiple blockchains and funds can be accessed via a single private key.
In response to your question, how confident can one be that they have obtained access to your private key and are capable of reclaiming your funds? They can do that without a doubt; whether they do or do not, or when they do, is another matter for which you have already received an answer.
Additionally, you are not required to connect your MM wallet or provide any private key or phrase to them; these are your private keys that you should never share with them or anyone else. Your funds are stored in their wallet, and they have access to the wallet’s private key, which allows them to access your funds.
@procrypto yeah exactly… important is have eth private key and the network
(AVAX C-chain) can be easily added in the software wallet.
Thank you ProCrypto! I very much appreciate your explanation giving the fine details!
Why would an exchange chose to NOT return lost coins? They can make money off my predicament by charging me 10% (or what not) of the returned coins. Do they have any incentives for NOT returning the coins? Can they steal the coins from me by claiming they are “irrecoverable” but secretly taking them all for themselves?
Generally, exchanges have their own policies; they will not steal your coins/tokens because they are on the public ledger and thus visible to anyone via block explorer. While the majority of exchanges return those coins/tokens, some keep them indefinitely until they begin to support that particular coin.
I recall two stories here. One was that this gentleman sent approximately 1000 USDT bep20 tokens to an erc20 address on the OKX (formerly Okex) exchange, they requested the transaction ID and $5 worth of bnb to cover the gas fee, and they returned after a few weeks.
While another time, a person I know sent 21 BNB to Coinbase’s exchange wallet and to his ETH address, which Coinbase flatly refused to return, saying the only condition was that in the future, if we Start supporting BNB coins then you will receive these coins in your wallet.
But in your case seems like Bityard will return your funds back without taking 10%.
I’ll share what BitYard does to fix the problem in 3 weeks after they’ve taken action (hopefully they will take some action). There’s a possibility this blog here will lock n block replies to this thread so my final resolution won’t be sharable here, I guess.
Hi Damon @no_need_for_name I will leave this post open so you can inform us.
I hope your funds come back to you it’s really a lot of money.
Good news, they say they found my UDSC assets, and they are now trying to send them back to my MetaMask wallet. But there is now another problem. They are asking me to give them the EXACT wallet address (with capitalization of the letters correct), but when I copy/paste my MetaMask wallet address from the MetaMask Extension Window of Google Chrome it gives
but when I copy/paste the wallet address from Snowtrace io it changes the capitalization
Why is the capitalization different between MetaMask browser window and Snowtrace io?
SUPER Give them my wallet 0x8A00f43C099bEB3F5d3C289e8b93c71c32B4d52e I’m just joking.
There are two versions of Ethereum addresses: one that contains uppercase letters and one that does not:
But when they want capital letters send them the first address: 0xf83A90a453A…
Does it matter, capitalized or not? It seems like it doesn’t matter.
Yeah doesn’t matter (when it is an eth address)
but send them the first address: 0xf83A90a453A…
Capitalization simply means the address has a checksum
If you use the checksummed version and mistype it, it will tell you that it’s an invalid address.