What to do if I gave the wrong wallet address for a crypto contest prize?
Crypto is a pretty tricky field. One minor mistake can cost you a fortune. But, in any case, one learns from mistakes.
If you indicated the wrong wallet address for a contest prize, don’t panic: you have a chance to get your prize back! How? There aren’t many ways, but let’s go over everything in order.
Before we proceed with the cases, pay attention to some points. Taking them into account can prevent such situations in the future.
- When specifying an address to receive a prize, pay attention to which blockchain the prize tokens are supported by to specify the address that corresponds to the necessary blockchain. Thus, most projects reward users with tokens based on their main blockchain. For example, if the project is on Avalanche, the tokens are linked to that blockchain. If the project’s blockchain is not publicly mentioned, it is most likely on Binance Smart Chain (BSC).
*If you are not sure which blockchain address to indicate for receiving the award tokens, you can ask the community for support.
- When depositing or withdrawing funds from a wallet or exchange, be attentive when selecting a network. The most popular cases of “mix-up” are Binance Smart Chain (BEP-20) with Ethereum (ERC-20). As a result, you can send tokens to another blockchain.
- Before you click “send” or any other button confirming the last step, check again if the address is correct.
ProTip: When sharing an address, it’s better to double-check it.
So, it happened. The first thing to do: don’t panic.
You gave the wrong address and this is the result: ERC-20 supported tokens (like ETH) ended up in the Binance Smart Chain (BSC) or BEP-20 supported tokens ended up in the Ethereum network. It is possible to get them back.
There are three different possible cases, each with its solution.
Case #1. You indicated the address of a wallet that supports both BSC and Ethereum.
Case #2. You indicated the address of a wallet that supports only Ethereum or other EVM blockchain.
Case #3. You indicated the address of an exchange or custodial wallet.
How to rescue the situation
Solution for case #1
If the wallet is a multichain one with both BSC network and Ethereum support, then you need to add the desired network and token to this wallet, so that the received tokens will be displayed on this wallet.
For example, MetaMask has an “Add Token” button that allows you to view all available coins and add the desired one. At the top, you can also select or add the desired network.
To learn more about cryptocurrency wallets, their types, and features, and to choose the most suitable and convenient one for you, check out our detailed guide on crypto wallets for beginners.
Solution for case #2
If you specified an address of an Ethereum-only wallet or with other EVM compatible blockchains (like Fantom, Polygon, Avalanche), you need to get another multichain wallet (like Metamask, TrustWallet, etc.) and then export a private key or seed phrase (depending on your source wallet) from your previous wallet to a new multichain one. Then add the desired network for the winning tokens, e.g. BSC, if the winning tokens are supported by that network.
Therefore, it helps you access the funds associated with that private key from another wallet.
Note: Custodial wallets do not usually have this option, as you do not own a private key. For full control of the private key, it is better to choose a non-custodial wallet, like the OneArt wallet. This way you can own the private key and, therefore, your assets.
Solution for case #3
This case is relevant when you do not have access to a private key. That is, you have specified a CEX network address or a custodial wallet whose private key is held by the provider. Accordingly, you need to contact the exchange or custodial wallet support to restore access to the necessary address using the private key.
Technically, it looks like this: having access to the private key from the exchange’s technical wallet, the exchange provider imports the private key on the blockchain you need, “ identifies “ your tokens among the tokens of other exchange users, and sends them to you.
Finally, make sure you use a secure wallet to store your assets. At OneArt, we know how important security is for managing and storing users’ funds. Therefore, we have taken extra security measures to protect your assets as much as possible.
Multiple network compatibility, cryptocurrency storage and exchange, and NFT creation are some of the main features of the OneArt wallet, in addition to enhanced security. The iOS version with some core features is already available for usage. What’s more, we have big plans ahead: releasing Android and web versions, adding new features including the creation of crypto profiles, and much more. Stay tuned for more tech and security-related updates!