My Funds are Missing in Kucoin/ByBit Exchange: What should I do?

[Agbe]

Really it was a bad and nice experience. It was bad because the stress from the two exchanges was not nice because they turned.me up and down. And most from Kucoin which I thought would been the best.or the easiest one among the two but was bad. And it was good because it is an experience which I will not forget again.

I hope Kucoin & Bybit teams are following this topic and know what needs to be done to better serve the needs of their users. I believe that your sharing is really valuable for traders to be more careful when moving crypto assets and working with CEXs.

Some traders have encountered many silly mistakes such as transferring ERC-20 token to the token burning address, or an investor being hacked and transferring token to hacker address instead of their own. In your case, you were still able to retrieve your assets and only had to pay transaction fees, you are one of the lucky ones but please avoid repeating this incident ^^

If they are here then I will be very happy to inform them that they should remove the 40% service fee because the amount is to big. And also to Kucoin, their service on the live chat is too poor compared to ByBit which no live chat but it is more faster. I will not do such mistakes and after that day of the resolution of the issue I have done transactions and I use the method tag. And another thing I will like to tell them is that, they should not allow the transaction to go through without the Memo tag. And if the transaction  go through without the Memo tag then they are doing that deliberately to collect the money from the sender so that the person will pay the service fee. Because when I clicked the deposit and the address appeared in the exchange they warned that it is mandatory to use the Memo tag and that warning should appears on the two side, though it is, but the transaction should not go without the memo tag and if it goes then it is a deliberate act to collect money from customers. And people should avoid such services.

[MrSpasybo]

If they are here then I will be very happy to inform them that they should remove the 40% service fee because the amount is to big. And also to Kucoin, their service on the live chat is too poor compared to ByBit which no live chat but it is more faster. I will not do such mistakes and after that day of the resolution of the issue I have done transactions and I use the method tag. And another thing I will like to tell them is that, they should not allow the transaction to go through without the Memo tag. And if the transaction  go through without the Memo tag then they are doing that deliberately to collect the money from the sender so that the person will pay the service fee. Because when I clicked the deposit and the address appeared in the exchange they warned that it is mandatory to use the Memo tag and that warning should appears on the two side, though it is, but the transaction should not go without the memo tag and if it goes then it is a deliberate act to collect money from customers. And people should avoid such services.

well, Bybit and Kucoin need to improve the quality of their customer support teams, as well as upgrade their interfaces and intelligent features to help users be more cautious or avoid making silly and dangerous mistakes.

I think CEX cannot force Memo when users want to transfer crypto assets because users may still need to transfer tokens to a self-custodial wallet rather than a CEX wallet address. A warning and 30-second transaction delay when the user leaves Memo blank may be a solution, however the simplest way is for users to be more careful and have the habit of transferring a small amount of tokens to test before transferring a large amount.

[bee]

I think CEX cannot force Memo when users want to transfer crypto assets because users may still need to transfer tokens to a self-custodial wallet rather than a CEX wallet address.

Exchanges are not always able to remove the "Memo Tag" field from the deposit form. There are several very useful functions of Tag Memo, especially for centralized fund management.

From my PoV, memo tag request is the right thing to implement in CEX which means the exchange generalizes the user's possible risk of sending mistakes. After all, self-custodial wallets can also generate Memo (afaik). I think in this kind of coin activities, users should include a Memo wherever they send their coins.