Is it possible to recover them?
The short answer is, relax, you’re probably going to be fine.
More often than not, the process of retrieval is quite an easy one. But, if for some reason, luck happens to be against you, the game is still not over. There’s still more you can do.
So, let’s take a look at the methods of recovering tokens once you’ve sent them to the wrong blockchain!
But before that, let’s take a closer look at what the problem really is.
Understanding the Problem
While transferring tokens, have you ever noticed that some tokens have multiple networks available for carrying out the transfers? Ever wondered why that is so?
Well, the reason behind that is that most cryptocurrencies have different networks for different reasons. You’ve probably seen cryptocurrencies have the main net (that acts as the main blockchain network) and a test net at the very least. And then there are all the token standards (we’ll talk about this in a bit!)
Even frequent traders miss this out every now and then, sending tokens to the wrong network. That said, all it takes is some additional attention while choosing wallets and you should be safe from this problem.
And that is just the tip of the iceberg. This problem lies deep and wide. There are a lot of ways your tokens can land in places they shouldn’t be. We’re strictly talking about the ways wherein you actively try to send tokens to the wrong address.
A hack or a security breach would be a completely different ball game which, in many ways, is beyond the scope of this article.
Coming back to the case of misplaced tokens, the first thing you need to do when you send tokens to the wrong network is to check the type of receiving wallet. Is it a Custodial Wallet or a Non-Custodial Wallet? That should help you get closer to the solution.
Unsure about the kind of wallet you have? Let me help. Custodial wallets are the ones that hold your funds for you and have control over the private keys. Whereas, a Non-Custodial wallet gives you complete control over the private keys.
Understanding the Types of Tokens
Remember when we talked about token standards in the last section? Okay, we just brushed past it, but here’s the real deal. The thing is, token standards are a set of rules used to govern a token built on a specific blockchain.
These standards determine the mechanism for creating, issuing, and deploying new tokens on a blockchain. For instance, the token standard for Ethereum is ERC-20 using which developers can build new tokens on the Ethereum Blockchain.
Some of the most commonly used token standards are ERC-20 for Ethereum, BEP-20 for Binance Smart Chain, and TRC-20 for TRON Blockchain.
So can you use Bitcoin on the Ethereum platform? Yes, you can! However, you need to wrap the Bitcoin and turn it into an ERC-20 token first. Learn more on this topic from the beginner’s guide to wrapped bitcoins.
Now that we have clarity about the tokens, let us dive into what happens when you send funds to the wrong network.
What to do When you Have Sent Funds to the Wrong Network?
In this case, we are taking the example of sending an ERC-20 i.e., Ethereum token to the Binance Smart Chain (BSC). If you do so, the tokens will end up on the exact wallet address of your chosen network.
This happens because the wallet addresses of Ethereum and BSC are the same and you can access them using the same private key.
In such cases, the funds or tokens sent will be visible on your wallet address in the Binance Smart Chain as BEP-20 tokens pegged to Ether. When the tokens are pegged, their value gets locked against Ether.
The above picture shows a transaction where a user tried withdrawing ERC-20 tokens and opted for the BSC Chain in the network section of their Binance wallet. As a result of this, his tokens got locked up as Binance-Peg Ethereum with the same wallet address as shown in the picture.
However, the cryptocurrency is not lost and is just transferred to the wrong chain. This can be resolved by transferring them back to the right blockchain. In this scenario there can be three possibilities:
The receiving wallet supports both Binance Smart Chain (BSC) as well as Ethereum.
The receiving wallet supports either BSC or Ethereum.
The receiving wallet is a custodial wallet.
Before you begin the process of retrieving your crypto, you need to figure out the nature of your receiving wallet and then opt for the solution that matches your situation.
Let us now take a look at the steps you need to follow in the three scenarios mentioned above:
Recovering Tokens from a Wallet Supporting BSC as well as Ethereum
In this scenario, your receiving wallet supports both BSC and Ethereum. Therefore, the crypto that you have transferred should automatically be received in your wallet and you should be able to see it.
In case you are not able to see them in your wallet, search for the token using a toggle list for both networks.
For instance, Ethereum has Metamask that allows you to take a quick look at all your tokens based on the Ethereum blockchain. If you cannot find your token then, click on the ‘Add Token’ button and search for your tokens.
However, if you want your tokens to be transferred to their original blockchain, you can do so via two methods:
Binance Bridge: Binance Bridge is a tool provided by Binance using which you can convert your tokens between blockchains. All you need to do is link your wallet and choose the tokens that you wish to transfer.
However, if you connect the Binance Chain wallet make sure you own BNB for the gas fee.
Similarly, in the case of an Ethereum wallet, you need Ether for the gas fee. The following picture represents the Interface of the Binance Bridge. Here, you need to choose the token you wish to transfer in the ‘Asset’ section.
After this, choose the correct networks and enter the number of tokens you want to transfer.
Manual Method: If you wish to manually transfer the tokens to the original blockchain, the process is different and includes additional steps. In this case, you first need to send the tokens back to your Binance wallet.
However, make sure the network in your Binance Spot wallet is the same as the blockchain on which your tokens are present.
After receiving the tokens back in your Binance wallet you can send them to the external wallet of your choice. #dyor dyor
