Coinbase User Withdraws Bitcoin Funds to a Litecoin Address – The Bitcoin News

Withdrawing one cryptocurrency to another currency’s blockchain should, te theory, be unlikely. That is not the case where Bitcoin and Litecoin are worried, tho’. One Reddit user claims how he withdrew a Bitcoin transaction to an LTC address. The money wasgoed effectively sent – albeit no TX ID is provided – and the money is lost te contorno. This serves spil a valuable reminder to never send money to a wrong address.

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It is baffling how people effectively withdraw cryptocurrency to a wrong address. Most exchange withdrawals rely on copying a wallet address. Especially when taking out two different currencies, ensuring the right one is copied is of the utmost importance. For some reason, this user withdrew Litecoin very first and accidentally sent Bitcoin to the same address. Spil both blockchains share similar addresses, the transfer went through, even tho’ the chances of this happening are snugger to none.

Sending BTC to a Litecoin Address

It would have bot interesting if the user provided the transaction ID or wallet address, but that is not the case. Wij do know the money wasgoed withdrawn from Coinbase. It is surprising thesis exchanges do not perform rudimentary checks to prevent thesis issues from happening. Even wiping the user’s clipboard after a withdrawal is initiated would be a good commence. Sadly, that is not the case. At the same time, users need to take precautions when withdrawing money. It is their task to use the juist address for the right blockchain.

Interestingly enough, the Litecoin community isn’t too annoyed by this. Instead, one user is actually suggesting to send the victim 1 Bitcoin back. This shows the cryptocurrency community wants to help out others whenever they can. However, since thesis claims can’t be verified, it is unlikely to tell if it is true. It seems the user has the wallet’s private key, tho’, which may aid te recovering the BTC funds. For now, it unclear if this project succeeded.

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Sending funds cross-blockchain is very uncommon, however. There are only a handful of incidents where such a transfer wasgoed even possible. It goes to showcase there are some exceptions te this regard, even ter . Such dual-chain addresses are exceptionally zonderling and you need to be very unlucky to own one. Then again, things like thesis can still toebijten regardless. Always take zindelijk care of the information on your clipboard while withdrawing cryptocurrency funds.

About JP Buntinx

JP is a freelance copywriter and SEO writer who is sultry about various topics. The majority of his work concentrates on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all overheen the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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2 Responses

  1. CA-mommy-to-be says:

    I can also tell you that anyone who has complained about having funds stolen or coins stolen for that matter have invariably lost because someone has compromised their own account by logging ter with their credentials. Nothing to do with Cryptopia or our security. Wij opoffering many forms of security to prevent people getting into your account and if anything the only complaint wij get is from legitimate account holders who have misplaced their credentials.

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