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I sent tokens to an incompatible wallet such as Coinbase or GDAX. Can you reverse the transaction?

dexX7 edited this page Mar 19, 2018 · 1 revision

The Omni Layer uses Bitcoin as transport layer and to "see" or interact with Omni Layer tokens, such as TetherUS or MaidSafeCoin, an Omni aware wallet must be used. Tokens sent to an incompatible destination are fully in control of the recipient and there is no way to reverse a transaction.

If tokens were sent to an incompatible wallet, there are two options:

  1. If you can export or access the private key for the destination, you can take the private key to a new (or existing) wallet on https://www.omniwallet.org/ and import that private key to regain control of the funds.

  2. If you do not have the ability to access the private key for that destination, then you will need to reach out to the support team for the owner/operator of the wallet or service provider that controls the receiving destination and request their assistance in a recovery process. We are more than willing to work with them and you to assist in the technical details, but since the destination in questions is controlled by an external party, the Omni team can only guide the process, if they are willing to cooperate. To retrieve stuck tokens, a manually crafted raw transaction would need to be signed.

In the past especially Coinbase and GDAX haven't cooperated and tokens sent to them are considered at lost at this point. Please reach out to them in this case, to make them aware of the problem!

In case your tokens are stuck, the tokens may be considered as lost, which could have a positive implication for your taxes. Please discuss this particular case with a tax consultant.