Who Sends Bitcoin to the Wrong Address?
Not anyone I know. And as much as I thought it had happened to me to be on the recipient side of such of transaction, it proved to be my own (wrapped) bitcoin. 😞 😄
So, two days ago Trust Wallet sent a notification on my mobile that I received an amount of BTCB. It wasn't a big amount, it was in the hundreds of dollars, but still... surprising.
My first thought was to be careful, it might be a scam, so as much as I wanted to see what this was about, I delayed checking it out until I had more time and I was fresh.
My second thought was, what if someone sent this amount by mistake although I doubt many write their outgoing addresses character by character, and those who do quadruple check. But maybe they pasted an address and by mistake, they replaced a character. Also not very likely.
My third thought was much closer to reality. Since the notification came from Trust Wallet and I pooled at some point a little BTCB with RUNE (for roughly 20% APR at the time), I concluded this must be related to that, even before checking.
Well, today I decided to solve the mystery and checked. I have noticed for a while this warning on Thorswap (or a similar one):
In the past, I didn't realize that my BTCB was on BNB Beacon Chain. I thought it was on BSC. Well, it looks like it wasn't.
What probably happened was that positions that involved BNB Beacon Chain tokens were automatically withdrawn from LPs when the time limit was reached, so that investors wouldn't lose them when BC is decommissioned on Thorchain. The fact that I also have additional RUNE in my wallet clarifies the mystery.
Just in case it would be an issue, I moved BTCB to BSC. I wanted to move it to native Bitcoin, but there wasn't a direct route from BC and I left it on BSC for now because apparently, there would have been a 33% slippage if I moved it to native Bitcoin, besides the fees.
Anyway, if you had any BC tokens on Thorchain, liquid, or in one of the products, you should check them out. Take a look if you are sure they are on BSC too... I was sure too...
This tweet gives more details on the subject.
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Posted Using InLeo Alpha
What is BTCB
Is it also a form of token or how is it?
BTCB is a wrapped version of Bitcoin on Binance Smart Chain (and BNB Beacon Chain - what Binance uses internally). Just like bHIVE on BSC.
Just accept it and hold
Since it was mine anyway, I surely will. Not sure what I would have done if I concluded someone sent it by mistake. Probably deduct fees and send it back.
And that is why we must be very careful when sending funds on the blockchain
I would have expected a scam too then someone asking for money back
These kinds of scams usually give you airdrops of worthless tokens. Once you interact with the smart contract to swap the tokens for something useful, you give the attacker access to your wallet. Or so I heard, haven't looked deep into this. I certainly don't touch any suspect tokens I receive in my EVM wallets.
That happens on hive too?
Not possible on Hive. For once, we don't have smart contracts. And when we do, they will be on a second layer, not the base layer, so they can't affect HIVE, HBD, or HP. Another probably unique feature of Hive and other chains with the same origin is the account recovery system. Even if a hacker breaks into your account and changes the private keys (most occurrences I know of were due to negligence of disclosing private keys publicly, or using them in the wrong places), you can still recover it using this system.
that's cool, at least don't have to worry about those kind of scams
Well that was a pleasant surprise I guess. Getting some BTC that you forgot or wasn't expecting is nice. It also reminded me to check if I also have other investments that I might have forgotten.
Well, I didn't forget about it. I just didn't know it was on BNB Beacon Chain and I was surprised when I saw the BTCB sent to my wallet.
Gotcha
Oh, it's nice to know that they sent you back your pooled crypto before it got decommissioned. At least, you didn't lose that crypto and I am glad that someone didn't mess up.
Yep, it's great when things work as they were supposed to. That should be the rule, not the exception. 😀
It could also be that someone gifted it to you. If not, this has never happened to us in our lives. So it's nice to know that you got a few dollars as a gift.
Nah, it wasn't a gift. I discovered what it was. It was my own BTCB. I had it in a pool and they automatically took out all liquidity from pools that involved the respective chain and gave it back to their owners, so they don't lose anything when the respective blockchain is no longer supported.
Thanks for the details.
Thank you for your article @gadrian ! I couldn't find this article on inleo.io I have trouble with their search working and have trouble navigating inleo. Can you please post again in ListNerds? It's up and running. Thank you. !BBH !CTP
Hmm, I'll do that. I haven't checked it in a while since the issues.
I understand @gadrian and Thank you! !BBH !CTP 😊👍