What cryptocurrency users need to know about recovering wrong transactions in Nobitex

Choosing the right transfer network is an important point that digital currency market users should pay attention to when moving and transferring cryptocurrency. To transfer cryptocurrency assets, users should be careful that, for example, if their Tether in their wallet is on the Tron network platform (TRC20), to transfer this asset to the exchange, select and copy the Tron network address from their profile in the exchange.

The transmission network is specified in both the wallet and the digital currency exchange. Also, users should note that the destination wallet address is the address of the token they want to transfer and not choose another token wallet address for a token.

When the wrong network or token is selected and a wrong transaction occurs, the destination wallet must perform the recovery process. As long as the destination is a regular wallet, either software or hardware, it is a simple task to return the money received with the help of the used wallet or even export the private key from the used wallet to another wallet. But if the process of storing and creating the transaction is offline and separate from the intermediary wallets, the process of unloading and recovery will be different and complicated. Adding the possibility of creating and signing the transaction offline, along with the time-consuming process of doing it safely, imposes a lot of cost on the system.

Since the Nobitex exchange It does not use any intermediary platform to create and maintain wallets, and most Nobitex wallets are kept completely cold (requiring offline creation and signing of transactions) and multi-signature, a costly and time-consuming process to recover mistakenly sent assets. go through

Nobitex’s effort to make the transaction recovery process easier

The process of recovering a wrong transaction includes the user’s request to support, registration of basic information, sending an email inquiry and confirmation of the address, sending an email announcing the cost, performing the transaction, notifying in case of insufficient balance is currently being followed up and Nobitex intends to create the possibility of monitoring Various steps will provide a better user experience for the wrong transaction recovery process while reducing the recovery time. Improving the recovery request registration process to reduce the back-and-forth of confirming the recovery address from users and paying for the recovery fee is on the agenda and until the end Spring 1402 will be unveiled.

Why should we be careful when depositing cryptocurrency?

It doesn’t matter what network you want to use or what cryptocurrency you want to deposit or withdraw. It is always necessary to pay attention to the destination address type more than ever before when making a cryptocurrency transaction and make sure that your destination supports the token and network you want.

In addition, it is necessary to check the destination address several times before making the transaction to make sure it is correct. Because blockchain transactions are irreversible, and even if you hope for recovery by the destination wallet, you have to wait a long time and spend money for your assets to return to your wallet.

This issue may not exist for some exchanges because the choice of the exchange to keep the private key is online and the recovery process can be done automatically and even with the help of intermediary wallets. Choosing Nobitex to keep assets 100% safe and will never prioritize easy recovery conditions for people who have mistakenly sent tokens over the security of their users’ wallets.

The latest statistics on the recovery of erroneous transactions in Nobitex

So far, millions of cryptocurrency asset deposit and withdrawal transactions have been performed by Nobitex users, and in the meantime, until the end of April 1402, only 5,015 recovery requests have been registered by users who made a wrong transaction. Out of this number, 2,428 requests have been fully completed and the recovery process has been completed for this category of users.

On the other hand, there are 2,528 pending recovery requests in Nobitex, which are either pending, or at least currently not possible for Nobitex to recover. A significant number of requests are about fake, worthless or worthless tokens, which reach more than 700 cases, and it is not possible to measure the exact number according to the type of token, the type of network, the major changes in the fees of each network, etc. .

Users’ recovery requests currently include 48 different networks and more than 449 types of cryptocurrencies, which makes recovery for all these types of networks and cryptocurrencies subject to the passage of time.

During the last 2 months, the recovery process of more than 700 requests for USDC tokens on the Tron network, BUSD on the Smartchain network, MATIC on the Ethereum network, and USDT on the Polygon network by adding the mechanism of creating and signing the transaction offline by charging the user account of the request done by receiving zero or very little recovery fees.

Nobitex’s emphasis on preventing user mistakes

Transaction recovery is only relevant when a user loses access to their assets by making a wrong deposit. To prevent such mistakes, Nobitex displays various warnings to the user on the main page of the trading dashboard, when creating a wallet and when depositing cryptocurrency to Nobitex, but still some users deposit unsupported tokens despite all the warnings. they do. Due to the nature of cold storage of users’ assets, the process of emptying the user’s wallet and making a recovery transaction is never possible automatically, and automating this process is not even foreseen in Nobitex’s future plans.

Because the main priority of Nobitex is to protect the security of its users’ assets, and the process of recovering tokens sent by mistake has a lower priority than maintaining the security of other users’ assets. Also, the use of the involved wallet’s private key in online platforms is considered one of Nobitex’s red lines due to the proven risks in terms of cryptography for the wallets of other users.

Nobitex’s responsibility to recover erroneous transactions

As stated in the terms and conditions of using Nobitex services, the recovery operation may take months and “Nobitex is not responsible for the recovery of tokens sent by users by mistake”. Even if the wrong transaction was done by the user himself, Nobitex will try his best to return the users’ assets. Therefore, once a month, the necessary infrastructure is provided in Nobitex to recover the wrong transactions, but still Nobitex pursuits may be blocked for various reasons.

The process of re-inquiring and getting confirmation of the user’s desired address to perform the recovery process via email usually takes more than a month, and more than 30% of Nobitex inquiries remain unanswered by the user or the user re-enters the address of his Nobitex wallet. to which it is not possible to send the token in response to the email. In these cases, it is necessary to carry out follow-ups back and forth, which makes the recovery process longer.

Also, more than 30% of users do not cover the costs required for the recovery process during recovery. For example, out of the 31 bitcoin recovery requests sent on BEP2, only 5 users sent the correct address to recover the transaction, and the rest of the users re-sent either their Nobitex address, or the addresses of exchanges that do not support this equivalent token. have done, despite the fact that more than 2 months have passed since sending an email requesting confirmation of the destination addresses to users to inquire about the correct recovery address by the user, and the number of correct addresses for sending has not increased.