If you are reading this article it’s most probable that you have sent your tokens or funds to a wrong wallet address either because you have typed it mistakenly or selected the wrong one out of a long list menu or sent it to a contract address instead of a wallet address.
So, you are stressed out and don’t know what is about to happen to your money and are you ever going to see it again or not, but don’t panic! In this article we’ll tell you all about what happens to funds that are sent to a wrong or expired address and what can be done about it.
So, you have chosen PayPax as your e-wallet and probably the reason you are here is you have sent your funds to the wrong address. Some crypto wallets on PayPax have an expiry date and will no longer be accessible after that time. So you might have sent your funds outside of the specified time and wonder why it hasn’t been added to your balance. Find out why this happens and what you can do about it below:
Sending funds to the wrong destination on PayPax happens in two different ways. Either you have sent your money to a person you did not intend to, or to an expired address. With the first case, PayPax can not help you unless you know the person who has received the money by mistake and ask them to turn it back. If you have sent your money to an expired address chances are higher you are able to retrieve it by contacting the support center but only if you find out quickly enough to report the issue on time, otherwise you will most likely lose your funds and there is nothing to be done about it.
However, in both cases there are still chances you can retrieve your money by reaching the support desk, but that depends on how fast you proceed, so don’t hesitate giving it a shot and don’t forget, the sooner the better.
This is a fundamental security principle built into the nature of blockchain technology. To put it into simple words, there is no custodial institution behind your money, rather it is you who is in charge of your funds.
That is why we keep noting not to share your private data or recovery codes with anyone, otherwise you are fully responsible for the consequences.
Other than that, as it was frequently mentioned before, all transactions based on cryptocurrency blockchain networks are irreversible meaning they can NOT be "undone" or "returned" once they are confirmed by the network.
However, it is still worth it to contact PayPax support desk and we will gladly try our best to find the most proper solution for your concern.
More people are turning to crypto payments and sending crypto to others each day. Nonetheless, many people commit mistakes or end up sending crypto to the wrong address which puts them in much unwanted trouble. There are three types of common mistakes when sending cryptocurrency to the wrong address:
So you wanted to send someone some money and have pasted the wrong address that actually exists but belongs to someone else. If you sent your funds to a wrong address that belongs to a person you did not intend to send money to, the only way for you is to ask them to give it back. This is pretty much like if you give them some money in cash and now it is up to them whether to give it back or not.
Cryptocurrency addresses consist of a series of random letters and numbers as with the following ‘3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy’. These kinds of mistakes happen if you type the address wrongly or miss a parameter when typing. However, most crypto wallets will detect the mistake automatically using a ‘checksum algorithm’ and won’t let you transfer it by showing you an error.
This is when you send funds to a wrong blockchain network. For instance, the two blockchain networks BEP-20 and ERC-20 are always taken mistakenly among users. If you are lucky enough, your crypto wallet supports both networks and you can retrieve your money by reaching the support team and requesting a refund. If your crypto wallet does not support both of the blockchains, you need to retrieve your money by getting help from another wallet that supports both networks. For doing so you’ll have to use your private key (seed) in the alternative wallet to be able to get a refund.
🔴 Always double check the destination crypto wallet address before finalizing the transaction.
🔴 Be sure to always check more than a few first parameters of the address since hackers can create addresses that match the initial parameters of the original address.
🔴 Don’t use public networks and computers to send your funds digitally.
🔴 Before choosing an e wallet make sure of its validity and reliability and try to choose the most reputable one among your existing options.