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

[Agbe]

About a month now, I bought bitcoin from someone and deposited them in Kucoin. And converted it to USDT And I sent the coins to ByBit exchange and I didn't include the Memo Tag from the ByBit end and the coins didn't arrive in the receiving address of ByBit. Then I contacted Kucoin they told me that the coins have left their exchange and transaction was successfully approved from the receiving address. Therefore I should contact ByBit customer service and I didn't that but ByBit has no direct customer live chat and everything was done through bot. I have been battling with them on this case for a while. And two days back, I chatted up Kucoin customer service, I still complain again and they said I should ask ByBit to provide the refund TXID which I went to the self service and checked the form I submitted and saw the refund TXID. Then I contacted Kucoin back to make the refund.

And I presented every information to Kucoin to make the refund but this is what Kucoin representative said and sent to my emails after a long live chat with one of the agents.
See what he said, and I quote.

Dear Valued KuCoin User,
 
We understand that you may have experienced some inconvenience with your recent deposit. We are here to assist you with the recovery process.
 
We understand that this may be frustrating for you, and we apologise for any inconvenience caused. However, please note that we will require a processing fee of 40 USDT to cover our significant resource consumption, time, and risk cost.
 
We would appreciate it if you could provide the following information to proceed with the recovery process:
 
1. Could you kindly share the original TXID and return TXID with me?
2. A screenshot of the withdrawal record from KuCoin, you can login and check Overview-Withdraw-Recent Withdrawals page to find it.
3. A screenshot of the deposit address from the third-party platform
4. I would appreciate it if you could share the text version and a screenshot of the deposit address in KuCoin, you can login and select network of your token in deposit page.
5. Friendly reminder, there is a processing fee of 40 USDT required.
 
We understand that this may be a lot of information to provide, but it is necessary for us to ensure a smooth and successful recovery process. Please take your time to read the above statement carefully and reply to this email if you agree to apply for the recovery service. We will send you a payment request after we receive your feedback, and the issue will be handled within 5 business days after you have paid the processing fee.
 
We appreciate your patience and understanding in this matter. If you have any further questions or concerns, please reply to this email.
 
Best Regards,
 
KuCoin Customer Care and Support Team
   
Hayden.IB (KuCoin)

Jun 15, 2024, 09:15 UTC

This is an automatic email.
 
Dear Valued KuCoin User，
 
This is a new ticket created by KuCoin Customer Support to follow up on your issue. Further details will be sent after this email.
 
Best regards,
 
KuCoin Customer Care and Support Team

If there is any Kucoin representative here should say something on this email or if anyone has anything to say can contribute if this is legit. What should I do?

Thanks.

[Zed0X]

~
If there is any Kucoin representative here should say something on this email or if anyone has anything to say can contribute if this is legit. What should I do?

I believe it's legit.

With regards to your issue, have you completed the self-retrieval form as instructed by Bybit? If not, here's the link for that https://www.bybit.com/en/help-center/s/webform
From the help page, Bybit will send back the fund to Kucoin if you completed all of  that. Once the transfer is successful, you should be able to see the refund TXID from your Bybit account.

[admin]

I will see if i can reach anyone from  Kucoin/ByBit , but can't promise you

[PX-Z]

So you are just asking if the email is legit @agbe? Well, if you receive the email from kucoin.com and signed with TLS and its not on spam, then it probably a real one.

Also, the link you provided from "other forum" which i guess from bitcointalk is the still the same as altcoinstalk.

[Agbe]

Snip

Yes I have completed the self-service form in Bybit and they have send me the refund TXID. And I think the problem now is lying on kucoin hand.  They are to do the refund now.

I will see if i can reach anyone from  Kucoin/ByBit , but can't promise you

I really appreciate for your effort Sir.

So you are just asking if the email is legit @agbe?

Yes I am asking because of the 40 USDT service fee.  That is a lot of money compare to the amount to be refunded. I was having a doubt that the email really comes from kucoin because there was a day I stumbled I to their telegram channel handle I presented this issue , men!! I got more than 10 representative and were saying I should connect my wallet and before I would connect it, I should deposit 40 USDT to an address he provided and I called a scammer.

Though that one was from Bybit and today when I was chatting with the kucoin customer care service representative on their exchange platform this the same deposit issue has come again because I was thinking that they will deduct the money from the transaction account and not from the receiving address. But opposite is the case here and that is why I want to k ow if anyone has also encountered this issue and resolved it successfully. And that is why I want to know if the person also received such email and he deposit the money foe them to deduct it and refund the others to him. There is no big here.

[PX-Z]

Yes I am asking because of the 40 USDT service fee.  That is a lot of money compare to the amount to be refunded.

Now that you mentioned it, it does really make sense. I knew some exchanges do the same for refunding the amount for a payment since it will need technical and security risks on their system. If the amount is not that huge as you mention that the payment is way more higher than the actual sent amount, i will take it as it is and move on, it's not easy but there's nothing you can do about it and take it as a lesson in hard way.

About the telegram, it's normal once you exposed such info to a tg group where scammers waiting such moment to try their shitty tactics to lure and scam someone who needs help.

[Faisal2202]

So you are just asking if the email is legit @agbe? Well, if you receive the email from kucoin.com and signed with TLS and its not on spam, then it probably a real one.

I think he doesn't want to believe the fact that they (kucoin) asked for a fee of 40$. I mean, that might be the only reason OP asking if the reply from the team is legit. As once we find the email addresses (legit) of Kucoin representatives and contact them, we know they are legit. But he might be in doubt as they ask for a fee which I also find odd.

As why would they require a fee, they should be providing this service for free. However dear OP which network you choose to send funds on (USDT one) as a memo tag is required by some only? Although its your mistake and I also made such a mistake once but the funds were only $25 maybe so I forgot about it.

[bitmover]

Yes I am asking because of the 40 USDT service fee.  That is a lot of money compare to the amount to be refunded.

Now that you mentioned it, it does really make sense. I knew some exchanges do the same for refunding the amount for a payment since it will need technical and security risks on their system. If the amount is not that huge as you mention that the payment is way more higher than the actual sent amount, i will take it as it is and move on, it's not easy but there's nothing you can do about it and take it as a lesson in hard way.

I think the service fee is completely normal... the customer did something wrong, and there is a cost to fix it.

This kind of problem requires human intervention. Probably some security specialist will have to find where did that refund went (maybe hot wallet) and sent it to your wallet in the exchange.

Some similar problems could force them to deal with private keys, which is also risky  and requires a lot of knowledge because lots of money is involved in those wallets...

[Agbe]

Yes I am asking because of the 40 USDT service fee.  That is a lot of money compare to the amount to be refunded.

Now that you mentioned it, it does really make sense. I knew some exchanges do the same for refunding the amount for a payment since it will need technical and security risks on their system. If the amount is not that huge as you mention that the payment is way more higher than the actual sent amount, i will take it as it is and move on, it's not easy but there's nothing you can do about it and take it as a lesson in hard way.

I think the service fee is completely normal... the customer did something wrong, and there is a cost to fix it.

This kind of problem requires human intervention. Probably some security specialist will have to find where did that refund went (maybe hot wallet) and sent it to your wallet in the exchange.

Some similar problems could force them to deal with private keys, which is also risky  and requires a lot of knowledge because lots of money is involved in those wallets...

I have finally gotten the refund after a month plus with battling with the two exchanges. Bybit made the refund without taking anything from me and retransfer the coins to Kucoin hot wallet but when reaching the Kucoin turn to refund the coins to my wallet Kucoin wallet they asked me to pay 40 USDT and the total amount of coins that stuck was 144.0488 and now that I have paid the 40 USDT the. I only received 10.4.0488 coins by the way I have gotten it back.

[bitmover]

I have finally gotten the refund after a month plus with battling with the two exchanges. Bybit made the refund without taking anything from me and retransfer the coins to Kucoin hot wallet but when reaching the Kucoin turn to refund the coins to my wallet Kucoin wallet they asked me to pay 40 USDT and the total amount of coins that stuck was 144.0488 and now that I have paid the 40 USDT the. I only received 10.4.0488 coins by the way I have gotten it back.

I think this is good news and demonstrate great customer support of both exchanges.
Some exchanges might not even respond some request or just let it go....

[rachael9385]

I have finally gotten the refund after a month plus with battling with the two exchanges. Bybit made the refund without taking anything from me and retransfer the coins to Kucoin hot wallet but when reaching the Kucoin turn to refund the coins to my wallet Kucoin wallet they asked me to pay 40 USDT and the total amount of coins that stuck was 144.0488 and now that I have paid the 40 USDT the. I only received 10.4.0488 coins by the way I have gotten it back.

I think this is good news and demonstrasse great customer support of both exchanges.
Some exchanges might not even respond some request or just let it go....

It's good to hear that you have gotten back your money from KUCOIN exchange. I like the way you handled the issue because there will be some people that have have similar issue as you do, they will not know how to go about it and they will still end up making another mistake if only they didn't fall into the hands for some scammers. However the exchange is a good that's why they returned back your money even though it took long days for them to refund your money back, there are some exchanges that will not refund back your money if something like this happen.

[PX-Z]

I have finally gotten the refund after a month plus with battling with the two exchanges. Bybit made the refund without taking anything from me and retransfer the coins to Kucoin hot wallet but when reaching the Kucoin turn to refund the coins to my wallet Kucoin wallet they asked me to pay 40 USDT and the total amount of coins that stuck was 144.0488 and now that I have paid the 40 USDT the. I only received 10.4.0488 coins by the way I have gotten it back.

I don't know if one month is too fast or too long for such an issue to be resolved but at the end its still good news. You should serve this as a lesson for you next time of transferring funds 

[MrSpasybo]

I have finally gotten the refund after a month plus with battling with the two exchanges. Bybit made the refund without taking anything from me and retransfer the coins to Kucoin hot wallet but when reaching the Kucoin turn to refund the coins to my wallet Kucoin wallet they asked me to pay 40 USDT and the total amount of coins that stuck was 144.0488 and now that I have paid the 40 USDT the. I only received 10.4.0488 coins by the way I have gotten it back.

Congratulations on getting your money back after your perseverance and hard work! The process of asking for and requesting help from CEXs is often time-consuming and laborious. Binance User Support can usually do better and faster than other CEXs, at least from my experience.

This also reminds us of the habit of checking at least twice before making any transaction in the crypto market. A few seconds of inattention can cost us a lot of time to deal with the consequences. I once sent tokens to a CEX without a memo and lost the tokens. The value was not large enough for me to spend time contacting the CEX and asking for their help ^^

[Agbe]

I have finally gotten the refund after a month plus with battling with the two exchanges. Bybit made the refund without taking anything from me and retransfer the coins to Kucoin hot wallet but when reaching the Kucoin turn to refund the coins to my wallet Kucoin wallet they asked me to pay 40 USDT and the total amount of coins that stuck was 144.0488 and now that I have paid the 40 USDT the. I only received 10.4.0488 coins by the way I have gotten it back.

Congratulations on getting your money back after your perseverance and hard work! The process of asking for and requesting help from CEXs is often time-consuming and laborious. Binance User Support can usually do better and faster than other CEXs, at least from my experience.

This also reminds us of the habit of checking at least twice before making any transaction in the crypto market. A few seconds of inattention can cost us a lot of time to deal with the consequences. I once sent tokens to a CEX without a memo and lost the tokens. The value was not large enough for me to spend time contacting the CEX and asking for their help ^^

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.

[MrSpasybo]

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 ^^