Sending crypto can be a quick and easy process, but what happens when it’s taking longer than expected, and the funds have not arrived? It’s possible that the transaction contained incorrect information. Let’s explore what might have happened and how to prevent transaction mishaps.
Whenever you send to a new address or send a new asset, it is important to follow our best practices to avoid losing access to any funds. This will ensure a more enjoyable blockchain experience.
First, check your transaction status
Before determining if your transaction had incorrect information, you need to check your transaction status. If the transaction was unsuccessful, you may have run into an error that needs to be addressed. Otherwise, if your transaction was successful, you may have used the wrong address or sent an unsupported asset.
Assets sent to incorrect addresses and smart contracts
Incorrect addresses can be caused by typos or simply using the wrong address. If you use the wrong address, it is likely that you copied the wrong address or sent it to a smart contract address.
Another likely scenario is that you selected the wrong network <> address combination when sending to a wallet or exchange that interacts with multiple blockchains.
Always copy an address directly from the recipient’s wallet. Confirm that you copied the full address by confirming the first and last few characters in the address.
Unsupported Asset
If you are sure the destination address is correct and your transaction was successful, then you may need to confirm that the wallet or exchange you sent assets to supports the asset you have sent. For example, Coinbase only supports one asset on the Celo network: CELO (CGLD). So any cUSD or cEUR sent to a Coinbase address will not appear in your Coinbase account. Similarly, USDT on the Celo network cannot be received on the same address on the Ethereum network. Always check the network for each asset.
In some cases, transactions are not indexed (recognized) by some wallets because they have yet to add support for ERC-20 transfers (transactions that use smart contracts to send funds). Valora users should avoid sending funds to wallets that do not support ERC-20 transfers. Some known wallets and exchanges are Bitget, AAX, and Midas wallet.
What can I do if the asset I sent is unsupported?
Unsupported asset sent to Valora
If you have sent an asset that Valora does not support, you may be able to recover access to those funds:
- If you sent an asset that has not yet been added to Valora’s asset list, you can restore your Valora wallet address on another decentralized service that supports that asset. You can also send in a request to add support for the asset in Valora. Contact support@valoraapp.com or chat with us on Discord.
Sending from Valora to another wallet or exchange that does not support the asset
If you have already sent funds and your other wallet or exchange does not support the asset, it may be possible to recover it.
- If you have the recovery phrase for the destination address, then you can restore it on Valora.
- If you don’t have the recovery phrase for the destination address (such as an address on a centralized exchange), it is unlikely that you will be able to recover these assets. We recommend you reach out to their support or customer service team for help.