There are quite a lot of issues regarding incorrect address deposits lately, and we understand that this has stirred up a lot of confusions among our customers. We would like to take this opportunity to explain what is going on and how to avoid this issue:
Blockchain technology uses a 26 to 35-digit address to secure the transactions of digital asset. The address for each transaction is unique, and the address format for different tokens (e.g. BTC, LTC, ETH) varies as well. For maximum security, OKX has adopted multi-signature address technology for deposits and withdrawals of digital asset.
What happens if I make deposit into an incorrect address?
Depositing into an incorrect address is a very common but also complicated issue. Because digital asset transfer are usually irreversible, due to hot wallet's high-level security requirements. That is also why we place reminders everywhere to notify users to confirm the address before proceeding.
Still, at OKX, we always make our best efforts to serve every of our customers. We promise to help recover the funds caused by this issue, even many other exchanges found it impossible.
As of today, OKX has already recovered 7044.41ETC for 30 users who deposited ETC to ETH address; 1007.86ETH for 50 users who deposited ETH to ETC. The recovered tokens will be credited back to the users within this week. In the following week, we expect to recover 25.41BTC for users who deposited BTC to BCH address.
As for issues regarding deposits of LTC, BCH to BTC address, which involve the signature of third parties, we will require further technical examinations. But we promise that we will work out the best solution possible to recover the funds. We greatly appreciate your patience and understanding during the time.
So how to avoid it?
We expect that our 3rd generation digital asset wallet will arrive around March 2018. In this cutting-edge digital wallet, BTC, LTC, BCH, ETC, ETH and more tokens will share the same deposit address, thus solving the issue once and for all. But for now, we are regret to say that checking the details carefully before making any deposits is the best possible way to avoid the problem. Since recovering the funds requires a very complicated procedure, which also takes considerable time.
Recently, we have noticed that there are people trying to use the deposit address issues to spread rumors to damage our reputation. OKX always appreciates any comments and suggestions to help us improve, and we would also humbly take that as a signal to make us work harder to serve our customers in better ways.
As always, OKX never stop developing and innovating new products and services. We are pleasesd to let you know that a brand new trading system of ours has entered the final stage of development and will be released very soon. A new global customer service center is under construction as well, in order to meet our objective to listen better to our customers and make each of you satisfied.
23 Jan, 2018