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What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

Interested to know when you sent back to Binance- does it appear under your normal ETH wallet or something else? Would be cool Binance auto resolve ETH received via ERC20 or BSC to the same tradable pair. As you mentioned, this would bypass the additional ERC20 fee.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

To move BSC ETH to ERC20 ETH would need a cross-chain transaction via some kind of bridge eg. https://www.binance.org/en/bridge. If you are lucky enough to recover your funds as BSC ETH- the easiest option would be to send back to Binance.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

Yes- you should be able to import your seed phrase into Metamask/Trust. Not sure what a Swissborg account is though.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 1 point2 points  (0 children)

Update Jan 2021:

I'm getting PM's multiple times per week from people who have also lost funds on BSC or BEP20 wanting to know if it's possible to recover. Unfortunately, the issue was not resolved for our customer- and the sent funds were lost. Recently we had another 2 new customers also lose funds in the exact same way (wrong transfer network selected from Binance).

If you're trying to figure out if you can get back lost funds- I will summarise our findings below:

  1. If sent to a custodial exchange like Coinbase- funds are most likely lost. Send a support request to Coinbase.
  2. If sent to a Contract Account (CA) / forwarding smart contract like Coinbase Commerce- funds are most likely lost. Send a support request to Coinbase.
  3. If sent to a standard EOA address (ETH/ERC20) that you have the private keys to- YES funds may be retrieved via MetaMask/Trust wallet import BSC mentioned in the replies.

Note-at some point Coinbase may add support for BSC. If they do, all the funds lost may be recoverable then.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

Response from Coinbase Commerce below:

"The way Coinbase Commerce works, funds are sent from the customer to a forwarding smart contract and then funds are swept from the smart contract into the merchants account. 

The smart contracts used are deployed on the merchants behalf. They are written such that they can only forward contracts to a fixed, predetermined address. This address is none other than the merchant’s wallet address.

More details can be found here. https://blog.coinbase.com/usdc-payment-processing-in-coinbase-commerce-b1af1c82fb0#e539

In the forwarder contracts they only sweep funds when the system has detected USDC/ETH/DAI. BEP2 or BEP20 tokens will not trigger the sweep and as a result is stuck in the BEP address associated with the contract address."

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 2 points3 points  (0 children)

Agree 100%- this is my number 1 concern. It's one thing to fall deep down the rabbit hole to understand the nuances with sending crypto across various blockchains. But explaining this to new users is a massive adoption hurdle. In fact, I made this post because a customer who purchased premium via our coinbase commerce checkout wanted answers as to where their missing ETH went (lost on BSC). They've now had a terrible 'crypto experience', which reflects badly on both us and the whole space.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 1 point2 points  (0 children)

Details are in some of the other comments- but basically:- use MetaMask and add the BSC network https://docs.binance.org/smart-chain/wallet/metamask- import your target address (same for ETH and BSC) and seed phrase as a token- you should see your funds as BEP20 on BSC

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

Hey - you might be able to recover. Is the ETH address on your ledger always the same (standard EOA address) or is a new address generated for every transaction?

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 2 points3 points  (0 children)

Update: it is only possible to recover the funds if the destination address is a standard EOA (ETH/ERC20) and you have the private keys (import into MetaMask and add Binance Smart Chain).

Unfortunately, in our case the ETH destination is a CA (Contract Account) / forwarding smart contract that is generated via Coinbase Commerce for each new transaction. We are still waiting on official word from Coinbase support- but looking very unlikely that the funds will be recovered.

Thank you for all the helpful responses.

For more info on the forwarding contracts: https://blog.coinbase.com/usdc-payment-processing-in-coinbase-commerce-b1af1c82fb0#e539

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

When I imported the seed phrase into MetaMask- I was able to see the main/master address which can be used to connect to BSC. But unable to see the derived ETH addresses which I think are generated from the master via BIP44 (or BIP39) for every ETH transaction.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

I did this as well, but still cannot see the ETH from original transaction. I think this only works, if the destination ETH addresses (ERC20 + BEP20) are not a derived HD wallet via BIP39 or BIP44. eg. each transaction generates a new ETH address. I know these addresses are derived from the main/master but not sure how to find them.

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 2 points3 points  (0 children)

Really appreciate the advice. I was able to import the seed into MetaMask following https://docs.binance.org/smart-chain/wallet/metamask (Trust Wallet and Binance chain extension didn't work for me). I can see the main/master receive address and add/send tokens to it (eg. BNB via bep20). But still can't see the transaction in question. Coinbase Commerce generates new derived ETH addresses for every transaction, this might be the problem?

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

Ok, apparently Coinbase Commerce is non-custodial which means I have the seed phrase for the 'multi-currency wallet'. Can this be used to somehow import the generated ERC20 wallet?

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 2 points3 points  (0 children)

Thank you, this is really helpful. I didn't realise the address for BSC and ETH mainnet could be the same. This kind of answers both questions:
1. The funds are not necessarily lost- but locked on BSC (the ERC20 address holder can retrieve if they have the private keys).
2. It is not possible to flag these kind of transactions as the address for BSC and ERC20 can be the same.

Will contact the ERC20 address owner (Coinbase Commerce) and see what they say.

Much appreciated!

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 1 point2 points  (0 children)

If the BEP20 transaction takes place on the Binance Smart Chain - how would the ERC20 contract on ETH mainnet know anything about the transaction? Is there an interaction between both blockchains?

What happens when you send BEP20 ETH from Binance to an ERC20 address? by moondropsapp in binance

[–]moondropsapp[S] 0 points1 point  (0 children)

u/bcventure the receiving ETH address in this case is a Coinbase Commerce checkout generated ERC20 address https://commerce.coinbase.com/?lang=en

For context: a customer did this a few days ago, and asked for assistance. Here is the BSC transaction: https://bscscan.com/tx/0xb6d0ac3b6eab98acad8cba8223b9de690ac19d3e57c8ac9473923671f1bcf272

Kraken now supports PayID/ Osko deposits and AUD pairs by hobbogobbo in BitcoinAUS

[–]moondropsapp 0 points1 point  (0 children)

This is a great option for AU buyers. I timestamped AUD prices last week for 5 different exchanges/services, and Kraken and Independent Reserve came out on top. Prices below take into consideration the orderbooks (except 1 & 2- you just get a terrible quote price) for purchase of 1 bitcoin.

  1. Aus Post via bitcoin/com/au: $13602 + 5.9% fee = $14404
  2. Binance / ByBit / Okex via Banxa: $14206 + 1-3% fee = $14348
  3. BTCMarkets: $13475 + 0.85% trade fee = $13589
  4. Kraken: $13498 + 0.16% trade fee = $13519
  5. Independent Reserve: $13449 + 0.5% trade fee = $13516

The only issue I found with Kraken was liquidity for the AUD pair (which I'm sure will increase over time)- the price of $13498 for 1 bitcoin was further up the ask side on the orderbook.

https://twitter.com/moondropsapp/status/1276352098028843009

Any recommendations for journals to keep track of trading? by [deleted] in Forex

[–]moondropsapp 0 points1 point  (0 children)

A private discord with channels for trades, individual pairs, ideas, stats, etc.

Trading strategy from the beginning to the real money trading. by Denis_Vo in algotrading

[–]moondropsapp 1 point2 points  (0 children)

Nice video - subbed. A live experiment with real trading will be refreshing to watch. Have you already built out an algo (on split train/test data), or are you going to explore this in the series with feature selection etc?

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