Starting November 13, 2023, Coins.ph will be providing support to our users attempting to recover assets that were sent to the wrong destination tag addresses, sent via unsupported networks, and deposits made with unsupported tokens.
Factors Influencing Recovery Complexity
1. Network Compatibility
- Different blockchain networks have varying recovery capabilities
- Some networks make recovery more challenging than others
2. Transaction Specifics
- Destination tag accuracy
- Transaction timestamp
- Original transaction details
3. Technical Verification
- Proof of ownership
- Transaction origin validation
- Blockchain transaction traces
Fee Structure
In line with the several factors that may affect the complexity, timelines and security risks associated with a recovery attempt, requests for recovery will be subject to the corresponding fees:
Types of Deposits |
Fees |
|
Wrong Destination Tag/Memo (with/without owner) |
5 USD |
| Sent to Coins' Sending Address | 5 USD |
| Unsupported Token/Network | 50 USD (if recoverable) |
Important Considerations
-
No Guarantee of Recovery
It is essential to note that all token recoveries are not guaranteed.
-
Fee Deduction
If the recovery attempt is successful, the fees listed above will be charged in the token being recovered. For example, if recovering an XRP deposit with a wrong destination tag, 5 USD worth of XRP will be deducted.
Recommended Best Practices
- Double-check destination tags before sending
- Verify network compatibility
- Use supported tokens and networks
- Maintain detailed transaction records
- Confirm recipient address multiple times
Frequently Asked Questions
How do I know if my token is recoverable?
Contact Coins.ph support with your transaction details. The specific recovery possibilities will be assessed based on the blockchain and transaction specifics.
Is there a guarantee that my funds will be recovered?
No, there is no guarantee that any unsupported deposits can be recovered. The success of recovery attempts depends on various factors.