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What Happens if You Accidentally Send Cryptocurrency to the Wrong Address?

If you send cryptocurrency to the wrong address, you may lose the funds forever. Cryptocurrency is controlled by and is the responsibility of its owner…

Money, Banks and Taxes

Answer

If you send cryptocurrency to the wrong destination, the funds may be lost forever. Cryptocurrency is under its owner’s control and responsibility, so an error in the address or network may be irreversible.

This is especially important when moving, when someone may be using new devices, rushing payments, or storing access credentials insecurely. Unlike an ordinary banking dispute, there is not always an intermediary who can cancel the transaction.

Before transferring, check the address, network, amount, and purpose; for significant amounts, first make a small test payment. Do not keep the only copy of a seed phrase with the device or enter it on sites you do not fully trust.

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