Hey guys, I’m feeling really bumped right now. I sent $1000 worth of Ada in attempts to buy some nfts. So I go on cnft website and I copied the address that is given without READING EVERYTHING and sent that amount directly to the address thinking I should be able to get the money right away…. I finished reading and it says I can’t send it from an exchange which I did. Now the transaction has went through and I’m assuming I won’t be able to recover that money at all? Is it lost in the blockchain. I will literally reward someone 100 Ada for helping me retrieve the money. Please and thank you.
I guess you are talking about Coinbase? If so you would have to contact their support but im not really sure if they are willing to help you.
I assumed the worst. Does this mean it’s literally lost on the blockchain on an address?
The NFT is basiclly a token itself and Coinbase should have access to them if they want to.
Did you check with Cardano Explorer what happened to that address?
Ye it’s still on the block chain but can’t see it in my cnft wallet…
Maybe it takes time.
Have they arrived yet in cnft wallet?
Nope it’s still not showing up. I opened a ticket with cnft because it does show the money was received in their wallet. I am assuming they can just send it back without any hassle. Rule #1 from their site: don’t from an exchange. Lessened learned!
Hi @Soccerdur ,
I’m so sorry to hear that. It would be great if you could create a wallet first (either using official wallet, such as Daedalus or Yoroi). I hope either the exchange or CNFT team could help you. Wish you all the best!
I hope so weird thing is when I go on the transaction on cb, it takes me to the cardano explorer page and I see it was sent to 2 address? Maybe it was split or maybe this is how cardano verifies the transaction?
I am fairly certain you should not use exchange hot wallets for anything other than trading on the exchange. That said opening a ticket with Coinbase would be the best way to get help.
Daedalus, Yoroi, and Adalite are the top 3 most popular wallets to use with Cardano. In the future when you want to use ADA to participate in the projects, stake, etc first transfer off the exchange to the wallet of your choice!
Hey @DinoDude, what’s considered a “hot” wallet—, I assume it to be subjective, no?
The “hot” keyword mostly denotes it is always online.
This is in contrast to “cold” wallets which are kept offline.
Specifically exchange wallets in addition to being hot wallets are using keys managed by their servers. They are designed to be used for trading across many protocols. Many of them have excellent security but since it is designed to be used for trading it’s generally a bad idea to use them with dapps or any protocol specific features.
Getting a reputable dedicated Cardano wallet like Daedalus, Yoroi, etc is the best way to participate in the platform. It adds an extra step of sending some ADA from your exchange wallet first but you get the benefit of using a wallet designed to work with the protocol.
FYI Coinbase has a feature called a vault which allows you to move your exchange holdings to a “cold” wallet and adds some extra security for long term holdings. It will still use managed keys however for most users self custody is significantly riskier than the exchange getting hacked. That said the Mt Gox fiasco once upon a time is likely where the “not you keys not your coins” mantra came from.
At the end of the day you have to decide for yourself what you’re willing to risk and where.