Recently, I deposit 10 bitcoin on cube network(an EVM fork chain) to ftx. They said "Note that we do not support this chain as such these funds are most likely lost." My mental health has been greatly affected
Sorry to hear that mate. If they can recover a deposit of bitcoin to any Ethereum wallet address, then for sure they can recover from any EVM chain. They would just have to add the chain before initiating a transaction.
If you have been “wronged” by "Coinbase Inc", you can file a complaint with the California Department of Financial Protection and Innovation (DFPI) at the following link: docqnet.dfpi.ca.gov/complaint/
Written by someone who doesn't understand how wallet infrastructure might work at an exchange.
The recovery difficulty may range from a few clicks to a team of developers working for a week + production change management. This really depends on a number of factors, the main being how well your architecture protects your hot wallet + if your exchange has built an integration with the blockchain in question.
If the exchange has taken steps to design the hotwallet architecture in a way that it does not expose private keys and only the system can unencrypt the keys and use them. For a system like this to recover tokens from a blockchain they have not integrated with, they need to do a lot of work (update their system + integrate with the chain then test all this and deploy to production following stringent change management procedures). So actually $20k is pretty reasonable for this.
For sure there's controls and checks needed to be built into the system to reasonably solve this at scale.
But let's not forget these problems have ALREADY been solved by 7 out of the other top 10 exchanges with financial resources many times smaller than an FTX or Coinbase. Like its not even close. Binance.com's solution is already implemented at massive scale and as a company has been around less than some of these other exchanges.
Regarding $20k being reasonable - honestly I don't follow your logic here at all. We're talking about a single user deposit, not deposits on aggregate or what it costs to design/develop a system. I'm not sure what you are advocating for here? Are you suggesting FTX doesn't have the financial resources and talent to solve this problem? If so that's a big LOL.
Recently, I deposit 10 bitcoin on cube network(an EVM fork chain) to ftx. They said "Note that we do not support this chain as such these funds are most likely lost." My mental health has been greatly affected
Sorry to hear that mate. If they can recover a deposit of bitcoin to any Ethereum wallet address, then for sure they can recover from any EVM chain. They would just have to add the chain before initiating a transaction.
GREAT post. People need to know this before they sign up for an exchange.
Thanks mate. I just hope it starts a bigger conversation. Be sure to retweet on Twitter. It’s not right.
If you have been “wronged” by "Coinbase Inc", you can file a complaint with the California Department of Financial Protection and Innovation (DFPI) at the following link: docqnet.dfpi.ca.gov/complaint/
Now at the following link: https://dfpi.ca.gov/file-a-complaint/
Written by someone who doesn't understand how wallet infrastructure might work at an exchange.
The recovery difficulty may range from a few clicks to a team of developers working for a week + production change management. This really depends on a number of factors, the main being how well your architecture protects your hot wallet + if your exchange has built an integration with the blockchain in question.
If the exchange has taken steps to design the hotwallet architecture in a way that it does not expose private keys and only the system can unencrypt the keys and use them. For a system like this to recover tokens from a blockchain they have not integrated with, they need to do a lot of work (update their system + integrate with the chain then test all this and deploy to production following stringent change management procedures). So actually $20k is pretty reasonable for this.
For sure there's controls and checks needed to be built into the system to reasonably solve this at scale.
But let's not forget these problems have ALREADY been solved by 7 out of the other top 10 exchanges with financial resources many times smaller than an FTX or Coinbase. Like its not even close. Binance.com's solution is already implemented at massive scale and as a company has been around less than some of these other exchanges.
Regarding $20k being reasonable - honestly I don't follow your logic here at all. We're talking about a single user deposit, not deposits on aggregate or what it costs to design/develop a system. I'm not sure what you are advocating for here? Are you suggesting FTX doesn't have the financial resources and talent to solve this problem? If so that's a big LOL.
You’re an idiot if you think 20k is reasonable. If it were “reasonable” then why are so many exchanges providing such support doing it for free?