How to recover crypto transferred to the wrong network

How to recover crypto transferred to the wrong network?

  • 13 August 2022
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Sending cryptocurrency to the wrong network is one of the most common problems in the cryptocurrency community. This mistake is most commonly made by Ethereum, Ethereum Classic, Binance Smart Chain, and Polygon users due to their similar address formats. If you find yourself in such a situation, do not despair. There is a chance you can get the coins back. In this article, we will show you How to recover crypto transferred to the wrong network.

What is the difference between Ethereum, Ethereum Classic, Binance Smart Chain, and Polygon?

First, you need to figure out what is the difference between these networks and why making a mistake when choosing a network can cost you a loss of money.

  • Ethereum – cryptocurrency and platform for building decentralized applications based on smart contracts.
  • Ethereum Classic – It is a fork that keeps the source of the Ethereum platform.
  • Binance Smart Chain – Binance’s blockchain is compatible with Ethereum.
  • Polygon (MATIC Network) – Blockchain modeled after the Ethereum network to improve its scalability.

The main feature of these blockchains is that they have the same address format, starting with 0x, and they are accessed with a single private key. Because of this, cryptocurrency users sometimes make mistakes and send their coins to another network.

How to recover crypto transferred to the wrong network

How to recover crypto transferred to the wrong network on Binance

Binance users often make the mistake of sending their assets to the wrong blockchain network. Although it usually causes intense anxiety, especially when a significant amount of money is involved, there are ways to recover these assets.

‍Introduction to tokens

When moving funds through your Binance account, make sure you always confirm

the network you want to withdraw crypto assets from or deposit crypto assets to. If people aren’t careful, they can easily mismatch networks, e.g. B. selected BEP-20 when they wanted to select ERC-20. When this happens, one can end up withdrawing or depositing cryptos on the wrong blockchain.

If the wallet you deposited into supports both ERC-20 and BEP-20 networks, you can recover your crypto assets on Binance in a few steps.

What happens if you send money to the wrong blockchain? First of all, you need to know the type of wallet to which you transferred the funds. A wallet can either be held in custody or not held in custody. If you have your wallet’s seed phrase or private keys, you have a non-custodial wallet. In contrast, a custodial wallet is the opposite; They usually don’t have access to the seed phrase/private keys.

Differences between ERC-20 and BEP-20 explained

Why do people have such problems at all? The simple reason is that different blockchains are designed to work with specific tokens. ERC-20 and BEP-20 are token standards that provide the necessary guidelines for using a token. They set rules on how token withdrawals, deposits, and transactions are performed. In other words, ERC-20 and BEP-20 are standards that define how tokens interact with everything on a given network: different wallets, smart contracts, and projects.

Although the modes of operation of ERC-20 and BEP-20 are similar, they are token standards intended for different blockchains. The ERC-20 is designed to be used on the Ethereum blockchain, while the BEP-20 is intended for the BSC.

What should you do if you are sending funds to the wrong network?

If you make this mistake, there is no need to worry. Many people tend to send ERC-20 tokens to BEP-20 like Ethereum or vice versa. We look at three possible scenarios where this could happen and what you can do to resolve it.

Scenario 1: You transferred tokens to a wallet supporting BSC and Ethereum.

In this case, it is possible to send the tokens back to the correct network on Binance.

In this case, recovering your tokens is relatively easy. First, check the toggle list on your wallet to make sure you have activated the token. For example, MetaMask has an add token feature that allows users to browse all available coins. Where the desired token is not in the list, a user would enter the token’s contract address to import it.

Under this category, two methods are useful to recover your tokens. They are the “Binance Bridge” and the “Manual Method”.

How to recover crypto transferred to the wrong network: Binance Bridge

The Binance Bridge is a tool that allows you to convert your tokens between blockchains. All you have to do is connect your wallet like MetaMask or Binance Chain wallet and then choose which tokens you want to transfer. However, you need ETH for Ethereum gas fees or BNB for BSC gas fees to perform this operation.

How to recover crypto transferred to the wrong network: Manual method

Let’s give an illustration. Here we will try to convert BEP-20 ETH back to ERC-20 ETH. The user must have BNB for gas fees.

First, on your Binance crypto deposit page, select ETH and deposit network as BEP-20. Note that if you select the wrong network, your credit will be lost. Once you receive the ETH in your Binance account, convert it to ERC-20 by withdrawing it to a wallet that supports the ERC-20 token standard and selecting ERC-20 as your transfer network. This ensures that your token is correctly transferred to the wallet as ERC-20 ETH.

Scenario 2: You sent tokens to a wallet that supports either BSC or Ethereum.

In this case, you need the private keys of a wallet that supports both networks.

To recover your tokens, import your wallet’s private keys into a new wallet that accepts both blockchains. Depending on the wallet type, you can use a seed phrase or a private key.

  • Download a MetaMask wallet on Android or IOS and create a new wallet or access your old one if you already have one.
  • Create a new account. You will be given the option to import your old wallet’s seed phrase.
  • If you have an existing MetaMask account, click the expand pin and then click your account profile in the top right corner.
  • Click “Import wallet” and enter the private key of the wallet that contains the missing cryptocurrency. After that, click “Import” to complete the process. Another way to do this is to upload a JSON file if you have one.
  • Add the BSC network to your MetaMask account manually. Navigate to the MetaMask extension pin. Click on it to bring up a drop-down menu. Locate and click Custom RPC on the list button.
  • Next, you need to add details like an RPC (Remote Procedure Call) URL to give MetaMask access to the BSC. This URL allows MetaMask to query information and request transactions from the BNB chain (BSC).

To do this, fill in the following details in the appropriate fields and click “Save”.

  • Network name: BSC Mainnet
  • New RPC URL: https://bsc-dataseed1.binance.org/
  • Chain ID: 56
  • Symbol: BNB
  • Block Explorer URL: https://bscscan.com

Add the contract token to your MetaMask wallet correctly. This allows your wallet that supports BEP-20 to search for the lost token. If you want to find a list of tokens with their respective contracts, visit BscScan.com. For ERC-20 ETH transferred to BSC, you can see the contract token by clicking Binance-Peg Ethereum Token (ETH).

To prepare for the next step, make sure you copy the correct contract token and note the decimal entry.

Now select “BSC Mainnet” from the network drop-down menu. Click Add Token, then click Custom Token.

Enter the token contract address, the token symbol, and the decimal places of precision. Let’s use ETH as a practical demonstration.

  • Token Contract Address: 0x2170ed0880ac9a755fd29b2688956bd959f933f8
  • Token Symbol: ETH
  • Decimal places of precision: 18

Click Add Token to confirm.

If everything is done correctly, you should see your lost tokens. Also, you can then send it back to your BEP-20 wallet address on your Binance account. Moreover, you can convert it to ERC-20 using Binance Bridge or the manual method.

Scenario 3: You sent tokens to a custodial wallet or exchange

In such a case, the chances of recovering the assets are very slim. You would need to contact your wallet provider or exchange customer service for assistance. While some custodial wallet providers charge a fee, others may issue private keys for free. Once you have access to the private keys, you can import them into a BSC-supporting wallet. However, most custodial wallet providers may refuse to provide you with private keys. You are under no obligation to do so.

How to recover crypto transferred to the wrong network: Recovery from a depot wallet or exchange

If you are trying to withdraw your funds to a custody wallet without BEP-20 support, e.g. B. another crypto exchange, you need to contact the wallet custodian.

Some depot wallet providers can help for a fee or give you access to your private keys. You can then import the private key into a BSC-supporting wallet. Most, including exchanges, unfortunately, cannot hand you your key.

If you deposit tokens into your Binance account while the wrong blockchain is selected, Binance will not be able to assist you in retrieving your crypto

Final Thoughts

Now you know How to recover crypto transferred to the wrong network. Choosing the right transfer network is one of the hardest parts of withdrawing your crypto from Binance. But once you get into it all, you won’t be sending your BTC or ETH to the wrong network anytime soon. In most cases, your funds are retrievable with a standard wallet SAFU and with a little work.

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