Little help, sent BTC to MAID on Polo


#1

Hey guys

Last night made a bit of a boo boo after a few beers and the kids running around in chaos mode, I sent a small amount of BTC to my MAID address on polo:nauseated_face: I’ve kind of settled on the fact that they are gone forever and luckily it was only a few hundred bucks worth and nothing massive but is there anyway possible to recover these? Perhaps if I can gain the Private ID from Polo? Does anyone have any contacts at Polo? Would be happy to donate some of the amount :slight_smile:


#2

It’s pretty hit or miss with exchanges. Need to open a support ticket with them and ask nicely for a refund. Nothing anyone here can do apart from that. Totally in their hands.


#3

Probably best to contact Poloniex support directly. Since MAID addresses are Bitcoin addresses I assume the BTC should be there and they should be able to recover it. Just have to hope they don’t have a policy of not refunding in cases like this. Hope you can get your money back.


#4

yeah already done this, sucking up haaaaaaaard :unamused:

Theyve told me there is nothin they can do although I can see the BTC there stuck in the address so I may give it a day or two and try again with another one of their staff.

Ah well it is what it is I suppose if I cant recover them, good mistake to make, dont drink and crypto is the message here lads.

Up to the Gods now I suppose.


#5

Check their ToS and see what they say. Probably not in your favor, but worth a look.


#6

They say they wont help.

I believe @neo mentioned one person was helped, but it was a significant amount.

I could be remembering incorrectly though.


#7

Yeah their terms say they will not help in cases such as this. It pays to be careful when you deposit/withdraw crypto at any exchange because almost all of them have the same policy and will not help customers after they make a careless error. Take it on the chin and be more careful for next time is only advice I can offer.


#8

I understand it’s the sender’s fault, but this policy/term and the tendency not to recover these mis-sent funds definitely work against exchanges and kinda prove how fucked up and asocial the entire crypto business is to an extent.

People make mistakes. You’re still their client, they profit from you trading on their platform. Your excuse is you made a mistake, which is human. What’s theirs? We have it written in our terms and conditions?

Come on.


#9

It’s extra troublesome work and risk for them, if you missend 100$ or even 5000$ they unlikely to help. They would likely help if the amount was large enough, not sure where the limit for large enough goes, but I think it might be pretty high like maybe $100000+ based on what I’ve seen people write in various forums.


#10

Is it troublesome, though? Retrieve key, send BTC somewhere else. It’s not that complicated of an issue. Even if they have to burn that address since the private key was taken out of whatever storage they have, it’s maybe 10 minutes of work in total.

Banks will recover funds for you sent to the wrong account. If the crypto market wants to gain mainstream acceptance, you can’t have customer service refusing to return what can be substantial amounts of money to some people because they accidentally copy/pasted the wrong address.


#11

Most people here use one address for their bitcoin and omni assets. What’s the technical issue on these exchanges?

I don’t see any trouble here.


#12

Exactly. They can even make it into a money making opportunity. Charge the current exchange rate of $50 USD in BTC for recovery. It’s still a win for the consumer, because they get some back, and the exchange makes money for their time.


#13

The main issue I guess is they don’t have any routine for it. Someone from Poloniex wrote a bit about it somewhere, don’t remember where,maybe a comment on reddit.

Not many people has access to the private keys and accessing keys should be covered with some layers of security so if you need some higher ups to spend an hour every time a customer screws up it’s not going to happen.

What they could do is to implement ways of making recovery simple though, I guess they just don’t see it as a high enough priority.


#14

It is my understanding that these “hot” addresses, are simply storage addresses for depositing for the customer. Once any crypto is at that address for some period of time, it will be moved to cold storage, and when you exchange or withdraw crypto from Polo, it just comes from one of the main hot wallets for Polo.

That being the case, there should be little risk for security issues from simply taking a customer wallet to retrieve funds, and then burning it and assigning a new one once funds have been properly recovered, as very little funds should be there in the first place.


#15

Thanks lads.

Yep stupid mistake to make.

It was only a few hundred bucks worth I was hoping to pick up some more MAID with in excitement of all the recent news and coupled with the all time low price.

I was a few beers in by this stage, my kids and son in particular were around like mad, it had been a funny little story coming up to this with my local exchange… And yeah instead of being 100% focused on what I was doing my peripheral had a funny little two year old running around waving his arms around which I was trying to protect the laptop from :joy:.

It is what it is. Live and learn. I need a proper child free bat cave.

I did think the same as some Of you are saying about the exchanges…its a little immoral. That’s one cryptos flaws. I was talking to someone on reddit about this recently. The fact that fiat is protected by the banks, merchants and all of the middle men. You can have your account hacked, lose your card or whatever and now days within a couple days at most you’ll have new accounts, new cards and your money back even if you make the mistake of sending to the wrong account like happened to my brother recently.

Anyway.


#16

It’s not really a crypto’s flaw. It’s the crypto business sleaze. Because in this (and many similar cases), Polo is the actual middleman. They do have the access to your misdirected funds.

They just decide it’s not worth their time (or whatever) to retrieve it for you, send it back or give you the access. Which is funny, because they make so much dough on every singe transaction they could easily afford paying someone exclusively to just take care of these things.

So while missending the funds is your fault, not returning it is on them.

Anyway, triple-check next and every time.

I understand this, but they still could. They don’t want to. Their approach reeks of “we know this won’t last too long, so screw PR”.