PSA - Check your addresses and enable as many ways as possible to recover your accounts

Happy New Year's everyone!

So everyone that I've talked to that messed around with Cryptocurrencies long enough will greatly relate with this post, or know someone that has. I've had a couple of mishaps that have happened over the past few weeks that have occupied a LOT of time and caused a great deal of frustration due to simple mistakes. 

1. Check your networks/addresses

A few weeks ago I accidentally tried to deposit some USDC via polygon to KuCoin. Yes, it was a completely idiotic mistake and I should have taken at least a few seconds to look on KuCoin's deposit options that Polygon was no longer available. And yes, I should have noticed that by default I had selected ERC20. In my defense, I had the address saved because they used to take Polygon, but no longer...

Polygon no more

I should consider myself lucky, because one--it could have been a much larger amount. I've heard horror stories from friends who erroneously sent thousands worth thousands to the wrong address. He contacted the exchange he was trying to send it to, and he was told that there was absolutely nothing he could do. In his situation, sent his cryptocurrency to a non-existent address, and so it just...disappeared. And two--I might actually be able to recover my funds. I contacted KuCoin customer service reps of my mistake, and they offered to recover my mistake (albeit with a 100USDT charge). I technically haven't received my funds yet, but so far everything seems legit. Granted this has now tied my funds up for almost 3 weeks now, but here's to hoping. 

This is one of the things that really frustrates me about the cryptocurrency world. Because I feel like this was bound to happen, especially if you're doing tons of different transactions. Eventually, one time, really late at night, half asleep, you're inevitably going to make a transaction a little bit too quickly, making a mistake that can costs you hundreds, if not 1000's of dollars. Knowing this is the case, I'm really surprised there aren't better mechanisms in place to account for human error. Or maybe that's just my frustration talking...

2. Add as many options as you can to recover your account/wallet

After reinstalling my browser which reset my cache and cookies, I tried to log on to my NEAR wallet, and upon entering my passphrase I got this:

This suckedNot to lay blame on the NEAR folks, but I was 100% confident (or at least I thought I was that confident) that I had the right passphrase. I could have synced my wallet to a ledger, or my phone, or my e-mail...but I didn't'. I had simply assumed that my passphrase would be enough. Reading through their customer support forums, I did get some comfort that I wasn't the only one with this problem, but regardless, I wasn't getting in my wallet. I did reach out to customer support and I now have a product manager looking into it, but still, this may have all been avoided had I just selected a different option to help recover my account. 

Looking on the bright side, I guess I should be thankful that I didn't have that many assets in that wallet, but still, its frustrating when $NEAR has been blowing up, knowing that your tokens are locked up. 

So PLEASE heed this advice, and double check your stuff. We're in this lot to make money right? These things are all avoidable and will solve you a lot of time, money, and headaches. 

Anyone else have horror stories about being locked out or faulty transactions? I would be sad to hear but would appreciate the commiseration. 

How do you rate this article?


Messin' With Cryptos
Messin' With Cryptos

I've made a ton of mistakes along the way in the world of Defi and cryptocurrency. Hopefully by taking some of the lessons learned and cues i've went through, you'll be a bit more success

Messin' around with Crypto's
Messin' around with Crypto's

Follow me on twitter! @CryptosWith

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.