What Happens If I Send Crypto To Wrong Address

I accidentally sent wrong coins to my binance accost, can I get them back? I’ve deposited an unlisted / delisted token to my ETH address. What should I do and will it show up in my account once Binance lists them dorsum? How do I recover crypto that I transferred choosing the incorrect network type? These are some common questions that we often hear from newbies.

Whether you are making a deposit to your Binance account or withdrawing from Binance you might have noticed the different transfer network options available for each coins. Each network represents unlike blockchain. Fifty-fifty a seasoned crypto user might go confused nearly choosing the correct network for their transaction.

binance networks

What’s more puzzling the beginners is the BEP-20 and ERC-xx networks. ERC-20 and BEP-20 – Ii different token standards that each belong on a unlike blockchain. BEP-20 is sectional to Binance Smart Chain and ERC-xx is exclusive to Ethereum. Other than operating on a two divide blockchains the two token standards ERC 20 and BEP 20 share many similarities on how they operate.

Since Ethereum’southward ERC20 and Binance Smart Chain’s BEP20 follow the same address generation algorithm many users tend to commit mistakes when transferring coins. By mistake they choose the wrong network type when depositing or withdrawing tokens. To avert confusion we’ve already fabricated a post explaining the difference betwixt BEP 20 and ERC 20.

Here in this beginners guide we’ll explain how to avoid sending coins / tokens to the incorrect chain and how to recover them. This post is all near incorrect deposits and withdrawals. Before we encounter how to avoid sending wrong coins or recovering incorrect transfers let’s first understand the different types of scenarios where users go incorrect.

Summary of incorrect deposits and withdrawals

Missing / incorrect Memo, Tag or Payment ID:

For BEP ii network (BNB) and for coins like XRP and XLM you need to include the Memo, Tag or the Payment ID shown on the eolith screen. Your eolith volition not exist credited if you lot use an wrong i or fail to include this information.

wrong address memo

And then make certain to enter the address as well every bit the Memo/Tag which are required for specific coin deposits. The same goes for withdrawals. If the target exchange is asking for Memo or Tag then include that required information earlier withdrawing.

Sending incorrect coin / token to Binance:

Some other mistake users make is depositing a coin or token which has been delisted by the substitution. Previously y’all might take successfully deposited a coin to your Binance account and saved the address locally. Earlier y’all deposit to the same address over again cheque if Binance still supports the same money / token you are depositing.

Do not send to incorrect receiving address or make an unlisted token deposit.

Deposit to an address that doesn’t belong to the exchange:

By default about cryptocurrency wallets contains checksum feature which does not permit you to send coins to incorrect address. For example you cannot deposit Bitcoin to Ethereum address. Yet you tin can send Bitcoin to Bitcoin Greenbacks address and vice versa.

Also in that location are chances where y’all can accidentally make a deposit to an wrong address thinking that the address belongs to your Binance business relationship. Recall the exchange support squad cannot help y’all with this. You need to contact the relevant parties. It is difficult to observe out owner of the specific accost or the item commutation to which the accost belongs.

Then always double check the address on your exchange or wallet earlier sending.

Transferring funds to incorrect network:

The about common mistake user make is sending funds to the wrong network. Before long we’ll explain how to recover crypto transferred to the wrong network. Before we see the steps to recover hither is how you can avert choosing the wrong network.

How to avoid sending funds to wrong concatenation / network?

Before y’all deposit into your Binance account or withdraw from Binance, please pay careful attention to the network type you are choosing. It is piece of cake to misfile between Ethereum (ERC-20) and Binance Smart Chain (BEP-20). But because BEP2/ BEP20 offers lower fees do not choose that.

withdrawal network

So which one should I be picking when withdrawing my crypto to a wallet or another substitution?

You should e’er and only choose the network that is supported by the target commutation or the receiving wallet. To analyze other than Binance most exchanges do non support BEP2 or BEP 20 networks. So if you are sending Ethereum based ERC20 token and so choose the ERC20 token standard for transferring. Even though the fees for ERC20 transfers are high.

If you are transferring information technology to wallet such as MetaMask or Trust wallet then information technology doesn’t matter whether y’all cull ERC20 or BEP20. Both the wallets supports Binance Smart Concatenation and so you tin recover them. Acquire how to connect your MetaMask wallet to Binance Smart Chain.

Similarly when depositing to your Binance business relationship it doesn’t matter whether you lot transfer through Ethereum blockchain or BSC. On Binance your eolith address is same for ETH, ERC20 tokens and BEP20 token transfers. As well there is no demand of Memo or Payment ID. Then the BEP20 or ERC20 tokens that you sent to your Binance account ETH deposit address will show up anyhow.

But don’t do the same when transferring to another substitution. Most exchanges will generate a separate address for each specific token. As well many exercise not support BSC yet.

Remember to e’er double check the network type and the address on target substitution or wallet earlier y’all make a transfer. This way you tin can avoid transferring wrong coins or tokens to the wrong network / address.

If you’ve already made an incorrect deposit or withdrawal and so hither is what yous need to know.

Sent incorrect coins to your Binance account?

Merely considering the deposit address is same for ETH, BEP20 and ERC20 tokens exercise not transfer blindly to your Binance account. Y’all cannot recover the coins / tokens that are not listed on Binance. Even if they list it in futurity we uncertainty the tokens will show upwards in your account. So please e’er check if Binance supports the detail coin or token earlier transacting.

If you’ve already transferred incorrect token by error then here is all you can do.

If yous deposited or made a withdrawal to incorrect accost then your funds are gone. However if you deposited an Ethereum based token or BSC token that is not listed on Binance so all you can practise is contact Binance back up.

Binance customer support should be able to help yous with the recovery procedure as they own the keys to your ETH deposit address. But this is non guaranteed.

Binance and other exchanges in general do not offering money/ token recovery service. Withal if your loss is too big so raise a back up ticket. They might assist you in recovering your funds. They might even charge you a minor recovery fee.

For recovery assistance raise a support ticket with the following information. Your Binance business relationship email address, proper name of the token / coin, total corporeality deposited, address and the corresponding TxID.

But as we said the recovery process is comprehensive. It involves wallet install / upgrade, private keys import export from their side. Also they might deport security audit so you need to be patient enough. Equally we said the token recovery is not something that is guaranteed. Anyways try your luck just be prepared for the worst.

If you want to recover tokens sent to your Binance accost then y’all need to contact Binance back up. Only if y’all’ve sent funds out of Binance, that is if y’all’ve fabricated a withdrawal to wrong chain then the exchange can’t assist you with this.

Anyways practise not panic as there are means to recover funds that are transport to the wrong network.

How to recover if y’all choose the wrong network type?

First of all if y’all’ve sent funds to the wrong public address for which you do not own the keys then those funds are gone forever. But by mistake if you’ve sent tokens to the incorrect network you can notwithstanding think them. This is only if you own the private keys to the specific address where yous sent your tokens to.

Let us beginning understand what happens if you transport ERC xx / BEP 20 to the wrong concatenation?

While the Ethereum blockchain and Binance smart chain are two different blockchains they share the same address format. So if y’all ship ERC20 tokens to Binance Smart Chain or BSC token to Ethereum chain; the tokens will state in the same address on the called network.

For example sending ERC20 tokens to BSC will end up as pegged BEP20 token on BSC. Not just ERC20 only you can fifty-fifty transfer ETH on BSC network. The ETH which y’all send will show up as Binance pegged ETH in your ETH address on BSC.

To check your transaction details yous need to utilize the respective block explorers. Utilise Etherscan.io for Eth and ERC20 transfers and BscScan.com for BSC / BEP20 transfers.

Since the address format for both Ethereum and Binance Smart Chain are identical they are accessible using the same individual fundamental. So if you sent ERC-twenty (ETH) tokens using Binance Smart Chain or sent Binance (BEP xx) tokens via the Ethereum network you can retrieve them. But what you demand to effigy out is the blazon of wallet where you lot ship them to.

Incorrect network transfers

Hither are 3 different situations:

i. Sent tokens to an commutation or a custodial wallet:

If you don’t accept admission to the seed phrase or the private keys and then almost probably yous are using a custodial wallet. This is similar to address provided to yous by a crypto exchange.

If yous sent the tokens to exchange or a custodial wallet then you’ll have to contact the wallet provider or the customer service of the exchange. In this instance you may or may not get yous funds. It all depends on how reliable the service provider is.

2. Sent tokens to a wallet that only supports Ethereum

Almost every BSC wallets supports ERC20 tokens but not all Ethereum wallets support BEP20 tokens. If you sent the tokens to a wallet that only supports either Ethereum or BSC then yous demand to access the private key / seed phrase.

You demand to access your seed phrase or individual key and so import information technology into a wallet that supports both the networks.

3. Sent tokens to wallet that supports both Ethereum and BSC

For example wallets like MetaMask and Trust wallet supports both BSC and Ethereum network. If you lot incorrectly chose wrong network and transferred tokens to any of these wallets then you lot can easily retrieve them back.

The guide beneath volition explain how to recover your funds that you lot sent to the wrong network.

How to recover crypto transferred to the wrong network?

1. Recovering funds from wallet that supports ETH and BSC

If yous incorrectly sent tokens to a wallet that supports both the blockchains then in that location shouldn’t be a problem in finding your tokens.

Trust wallet by default shows you lot the tokens and then there is no recovery procedure involved in that location. If you have sent it to MetaMask then the token won’t show up initially. You lot need to switch to the correct networks for the tokens to announced. Employ Ethereum Mainnet for ETH and ERC20 transfers. Switch to Binance Smart Chain for BSC and BEP20 tokens.

Binance Smart Chain network is not available on MetaMask by default. Y’all’ll take to add them manually and here is how to connect MetaMask wallet to BSC. Even after connecting and switching to BSC if y’all don’t encounter the token then it could be a custom token which you lot’ll accept to add it manually. Here is how to add custom tokens to MetaMask. But call up to use BSC scan to fetch the contract accost.

Once added the lost token should announced in your wallet.

2. Recovering funds from wallet that merely supports ETH or BSC

If the wallet where you sent your tokens to merely supports ERC 20 or BEP 20 then yous demand to admission the private keys. Consign the private keys and import information technology into a wallet that supports both the blockchains.

metamask import key

You’ll need to import your private key or your wallet seed phrase. Information technology depends on the wallet where you are importing this information. For importing private keys we recommend MetaMask. Other than MetaMask yous can also use Trust Wallet, SafePal, Token Pocket and Math Wallet.

Once the private primal / mnemonic seed is imported choose the right network and you should see your lost tokens which you sent from Binance. The tokens will testify up in your wallet rest.

Then now that I’ve successfully retrieved the funds what should I be doing with these tokens.

Converting wrong tokens

Its up to you what y’all practice with your tokens. What you need to annotation is that BEP20 tokens can only used on BSC and ERC xx tokens can only be used on Ethereum network.

Similar to DeFi on Ethereum network in that location are many applications available in BSC also. Y’all tin can provide liquidity, farm, pale without having to worry nigh the fees every bit BSC is a PoS network.

If y’all wish to convert the wrong tokens to the right 1 then at that place are two ways.

  1. You can send the token back to your Binance account and withdraw it equally ERC20 token. This mode yous are sending the tokens back to the correct network.
  2. You tin can use tools similar Binance Bridge. This allows you lot to convert tokens between blockchains. All you lot need to do is connect your MetaMask to BSC and select what to catechumen. Do note that transferring and converting on BSC requires BNB as gas fees.

Final thoughts

Most cryptocurrency exchanges does ETH and ERC20 withdrawals to the main Ethereum network. Only Binance allows users to choose the Binance Smart chain which is their ain blockchain. It allows ERC20 tokens (Ethereum based) to be held in the form of pegged BEP20 token.

Choosing the correct transfer network can seem quite catchy if you are new. But once you understand the divergence between BSC and ETH you lot won’t get incorrect.

In well-nigh cases you tin recover the incorrect tokens. But be very careful whenever you are sending your crypto. They tin can get lost forever especially if you accidentally send the wrong token to a custodial wallet or a crypto exchange.

Hope it helps.

Source: https://coinguides.org/wrong-network-token-transfer/

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