Dear Gaurav,
The blockchain technology has so many nuances and pitfalls making mistakes a common issue in our routine. A simple typo in a wallet address or using a token’s ETH address for sending coins can be difficult to reverse.Mr. Mhd Sami Al Sharef sent THETA COINS to an ETHEREUM address which is only for THETA TOKENS. He didn’t lose his theta coins because they’ve been deposited to the Ethereum address.We’ve been helping our customers with similar error transactions whenever we could. As a rule, these errors are ‘common’, for example, USDT-to-BTC transfers and BCH-to-BTC transfers.
Besides, we are constantly adding new ERC20 tokens to reflect more and more tokens sent to our Ethereum addresses by mistake. However, our resources are reasonably limited and recovering a cross chain transaction is extremely difficult.
Why didn’t we integrate with the new Theta blockchain?
If you create a Theta address on our website or in the app, you will clearly see it is called Theta Token (THETA). Since the beginning, we have supported only ERC20 Theta Tokens (THETA). Our users can freely deposit, store, and exchange THETA TOKENS in our wallet.
Freewallet didn’t support THETA COINS and never announced that we will support them.
Why Freewallet team didn’t respond to Theta team?
We have communicated with the Theta team via email and Twitter extensively. Unfortunately, we can’t use the solutions suggested by their specialists.
Why suggested solutions are not acceptable for us?
As a custodial service, we cannot share private keys with individual addresses nor can we delegate this right to an employee in order to settle down an outstanding case. Each time, the retrieval of funds is a procedure that requires a multi-level authorization. The safety of customers’ funds is our top priority, thus, we chose this business model.
We would also like to stress that there are many providers whose business model is not to retrieve assets at all, especially, those that are stored in the ‘wrong’ chain. Also, not all cross-chain transactions can be recovered, and the time frame for the recovery depends on a range of factors, such as currency, network specifications, etc. Let us highlight that our app supports selected tokens and mainnets. Our customers are always encouraged to keep up with our list of currently supported tokens: http://bit.ly/2BzxJKQ. When we don’t support a new mainnet, there is an opportunity to withdraw funds to a service that is compatible with the new mainnet.
In conclusion, we would like to assure Mr. Mhd Sami Al Sharef that our team is doing their best to resolve this issue even considering that it is technologically difficult and complex to retrieve Theta coins from cross-chain address at the moment. Anyway, we will continue trying to recover his funds which remain safely stored in the Ethereum address used for the transaction.
