Crypto send via wrong network to Luno.

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AJ Rabie

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Hi Guys,
I have a couple of questions.
Background:
I made the mistake to send ether via ARBITRUM (Binance) to Luno and not using an EC20 network.

Luno informed me that the money is lost and cannot be recovered.

Questions: 1.) Will the money automatically enter my Luno wallet if Luno one day upgrades their network to use ARBITRUM?
2.) Is there any way we can bridge the arbitrum network onto an EC20 network so my incorrectly send ether can be retrieved.
3.) It is my understanding that Luno does not have a private key so I cannot use another wallet i think.

Please help, any advice will be greatly appreciated, I cannot simply accept loosing my ether without perusing all avenues.
 
AJ Rabie said:
Hi Guys,
I have a couple of questions.
Background:
I made the mistake to send ether via ARBITRUM (Binance) to Luno and not using an EC20 network.

Luno informed me that the money is lost and cannot be recovered.

Questions: 1.) Will the money automatically enter my Luno wallet if Luno one day upgrades their network to use ARBITRUM?
2.) Is there any way we can bridge the arbitrum network onto an EC20 network so my incorrectly send ether can be retrieved.
3.) It is my understanding that Luno does not have a private key so I cannot use another wallet i think.

Please help, any advice will be greatly appreciated, I cannot simply accept loosing my ether without perusing all avenues.
Click to expand...
1. Doubtful. No way it just literally "hangs around" and then enters your wallet when it's activated on Luno (if ever).
2. They're very clear when transferring between exchanges. If you select the wrong option, your crypto is gone for good. Which is the nature of crypto as it is. This is why I transfer a small amount to make sure it's correct, and once I have verified the settings I selected worked, I transfer the rest.

Luno would be the receiver and I doubt they'd be the ones to sort this out for you, not that I think it can be sorted out. Hopefully it wasn't much value in ETH.
 
AJ Rabie said:
Hi Guys,
I have a couple of questions.
Background:
I made the mistake to send ether via ARBITRUM (Binance) to Luno and not using an EC20 network.

Luno informed me that the money is lost and cannot be recovered.

Questions: 1.) Will the money automatically enter my Luno wallet if Luno one day upgrades their network to use ARBITRUM?
2.) Is there any way we can bridge the arbitrum network onto an EC20 network so my incorrectly send ether can be retrieved.
3.) It is my understanding that Luno does not have a private key so I cannot use another wallet i think.

Please help, any advice will be greatly appreciated, I cannot simply accept loosing my ether without perusing all avenues.
Click to expand...
Sorry for your loss. That's really painful. If it's sent to an exchange address then it's gone. It would be up to Luno to try and get it back but would be a lot of work.
 
Ouch - I really hope it wasn't a lot of eth...

re: the habit of transferring a small amount, I do this with normal bank accounts as well when making large payments - experience taught me this - many years ago someone gave me the incorrect account number (by 1 digit) - I duly made the payment and was in the clear since I had proof that I'd used the supplied info - the poor bugger who didn't receive his money had to fight for ages with his bank and the person who got the money to have the money correctly allocated.

Lesson learnt - with large payments I now transfer R50 and wait for confirmation.
 
Sensorei said:
Sorry for your loss. That's really painful. If it's sent to an exchange address then it's gone. It would be up to Luno to try and get it back but would be a lot of work.
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Okay, thank you, what I need to understand is it technically possible? You say a lot of work, could it be done and at what cost?
 
AJ Rabie said:
Okay, thank you, what I need to understand is it technically possible? You say a lot of work, could it be done and at what cost?
Click to expand...

I assume it was a large amount?
The amount of work involved does not guarantee they'll get it back. Its very unlikely.

If it was a small amount; put it up to school fees and move on.
 
Thank you, I'm more keen on understanding if it is technically possible and how it could be done.
All I get from LUNO is sorry we cannot help, but I wish to understand if it is possible?

Technical question, What if Luno upgraded their system ( I know they wont) will it then show someday automatically, or is it lost forever, if it did not go immediately into my Luno wallet?
 
AJ Rabie said:
Thank you, I'm more keen on understanding if it is technically possible and how it could be done.
All I get from LUNO is sorry we cannot help, but I wish to understand if it is possible?

Technical question, What if Luno upgraded their system ( I know they wont) will it then show someday automatically, or is it lost forever, if it did not go immediately into my Luno wallet?
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If they were to ever start supporting the chain you sent it to and you get to keep your address on that chain that matches your current eth address in the exchange then yes, it's technically possible it will just show up. The problem here comes in with the private keys. Technically you can recover funds on any chain using something like metamask, but u need the private keys to access the chain. In cases of big exchanges like luno their private keys are usually split up into pieces and held by top executives, so its hard to get it done, and a security risk at the same time
 
Okay, thank you, learning a lot. "big exchanges like LUNO their private keys are usually split up into pieces and held by top executives, so its hard to get it done, and a security risk at the same time"

Kindly elaborate on the risks, I need to understand if third parties are at risk or if LUNO is simply shafting me.
 
AJ Rabie said:
Okay, thank you, learning a lot. "big exchanges like LUNO their private keys are usually split up into pieces and held by top executives, so its hard to get it done, and a security risk at the same time"

Kindly elaborate on the risks, I need to understand if third parties are at risk or if LUNO is simply shafting me.
Click to expand...
"Don't put all your eggs into 1 basket"...that's the analogy here. Instead of 1 executive of a crypto exchange holding all the private keys and possibly absconding with them, they're split amongst them all. Less risk involved if 1 dies or tries to take from the crypto exchange.
 
AJ Rabie said:
Okay, thank you, learning a lot. "big exchanges like LUNO their private keys are usually split up into pieces and held by top executives, so its hard to get it done, and a security risk at the same time"

Kindly elaborate on the risks, I need to understand if third parties are at risk or if LUNO is simply shafting me.
Click to expand...
Not really no. It's simply that combining all the pieces to create the key opens up a situation where the hot (or cold) wallet is accessible, and it's probly got millions in there. If the wrong parties were to become aware when this is going to happen it could be exploited, which prompted the key to be split in the first place. Also acts as redundant safety against one party having full control or possibly going rogue and disappearing with the funds. Not saying this is how luno works but I did hear a story along those lines when another perhaps struggled with a wrongful BSC chain payment last year
 
OhYeah84 said:
"Don't put all your eggs into 1 basket"...that's the analogy here. Instead of 1 executive of a crypto exchange holding all the private keys and possibly absconding with them, they're split amongst them all. Less risk involved if 1 dies or tries to take from the crypto exchange.
Click to expand...
TheRidDlerX said:
Not really no. It's simply that combining all the pieces to create the key opens up a situation where the hot (or cold) wallet is accessible, and it's probly got millions in there. If the wrong parties were to become aware when this is going to happen it could be exploited, which prompted the key to be split in the first place. Also acts as redundant safety against one party having full control or possibly going rogue and disappearing with the funds. Not saying this is how luno works but I did hear a story along those lines when another perhaps struggled with a wrongful BSC chain payment last year
Click to expand...
+1 to both

exposing the private keys of a large exchange is:
1) made difficult for a very good reason: security
2) will never be done to help one or a handful of clients, it exposes the entire client base to risk
 
It's not great, but as others said school fees and make sure you never do this again.

Thing is in the crypto space it's unlikely that anything is reversible always triple check and make sure where you sending is correct. Ppl have lost millions if not billions because of similar mistakes.
 
AJ Rabie said:
Will the money automatically enter my Luno wallet if Luno one day upgrades their network to use ARBITRUM?
Click to expand...
Miniscule chance of this, forget about it and if someday this happens you might be pleasantly surprised.

Given that no exchange would ever expose their private keys this miniscule chance is also your only chance. To get an idea of what would be involved though:
  • implementing support for a new network or token into the entire exchange ecosystem, which will take a small team of very expensive engineers a couple of weeks (cost already vastly exceeds that 1 ETH)
  • ensuring there is even enough demand among other customers for it to be worth doing, or in the case of a new token, ensuring there is enough liquidity for people to reliably buy/sell whenever they want
  • supporting it forever more
in the off chance that all of that falls in place, the decent thing for an exchange to do would indeed be to try and recover funds, even then it may still prove to be technically impossible to do
 
NarrowBandFtw said:
dunno, banks are pretty mainstream, ever asked the bank to recover funds if you entered the wrong destination account details?
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Chances are much higher you'll get your money back if paid into a wrong account. If you paid into a dormant or non-existent account it usually bounces back after a few days. With crypto, it's gone forever.
 
I always send a small bit first when sending from a new wallet but its a lesson learnt, you will not make the mistake again.

PS: You will not get that crypto back if you sent it on the wrong blockchain. Its what makes crypto.. crypto. You are in control of the transaction no one else.
 
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