What to do if you send unsupported coins to your Shakepay account
PSA: Always double-check to make sure you're only sending coins we support to your Shakepay account.
Ever mailed a package to the wrong address? The suspense of not knowing if it’s lost forever or if it might somehow miraculously find its way back to you can be just awful.
The same thing can happen with crypto if you send coins or tokens we don’t support to your Shakepay account, or if they’re sent via an unsupported network. Are your coins lost for good? Well, that depends. Let's get into it.
What coins and networks does Shakepay support?
When it comes to cryptocurrencies, we stick with the well-known ones. We support:
- Bitcoin (BTC) - Bitcoin Network
- Ethereum (ETH) - Ethereum Network
But what about ERC-20 tokens like USDC, USDT, or SHIB, you ask? Sorry, we don’t do those. Or Solana, Doge, Bitcoin Cash? Nope, not in the mix either.
Basically, if it’s not BTC or ETH on their respective native networks, you’re out of luck.
If you send coins to your Shakepay account using Binance Smart Chain (BSC), Arbitrum, KCC, or any other Layer 2 networks, we won’t be able to recover them.
Unlike Bitcoin, which only exists on its native Bitcoin network, Ethereum can exist on multiple networks due to the flexibility of its protocol and the proliferation of various Layer 2 solutions and alternative blockchain environments.
Even ETH, which, unlike Bitcoin, can exist on multiple networks, won't be added to your Shakepay account if it’s sent via networks we don’t support. Unfortunately, we won't be able to recover these funds in most cases.
Why can’t I just get my coins back? 🤔
Good question. Imagine each network speaks its own language. A Bitcoin transaction won’t make sense to the Ethereum network, just like how someone speaking French won’t understand someone speaking Japanese. These networks can’t translate each other’s messages, which is why coins sent on the wrong network can’t be retrieved.
To continue this analogy, retrieving your coins from a network that “speaks Japanese” requires us to spend time and money “learning Japanese”, meaning building the necessary infrastructure to communicate with that network.
Due to the complexity, cost, and resource-intensive nature of this task, we’re currently unable to recover coins.
As always, keep in mind that transactions on the blockchain are irreversible and final. This is why the blockchain is so secure and trustworthy: When a transaction is done, it’s done for good.
Can’t Shakepay just give me the private key to access my funds?
Unfortunately, it’s not that simple. Our infrastructure wasn’t designed to track or process transactions sent via unsupported networks.
We use hot wallets (internet-based storage) managed by third-party providers to send and receive coins before moving them to our cold wallets (offline storage). Third-party providers typically don't share private keys to ensure funds are secure.
Are there any coins that Shakepay can recover?
If you’ve sent ERC-20 tokens via the Ethereum network, there’s a chance we can recover them. This includes tokens like USDT, USDC, SHIB, BNB, and LINK. For any other situation, we won’t be able to recover any coins we don’t support, or coins sent via networks we don’t support.
How long does Shakepay take to recover unsupported coins?
Recovering unsupported coins can take a while, anywhere from a few weeks to up to 6 months. This is because it takes a good amount of work to track down and return the coins that were mistakenly sent.
So what do I do if I sent coins Shakepay might be able to recover?
If you’ve sent an ERC-20 token on the Ethereum network, your first step should be to reach out to our Customer Support team. Be prepared to share:
- The date and time of the transaction
- The type and amount of coins sent
- The transaction ID
- A wallet address Shakepay can use to return the coins (make sure the address supports the tokens being returned)
If we can recover your coins, we’ll get the process started as soon as possible.
No coins left behind
Before you hit Send, always double-check that the coins you’re sending are supported by Shakepay and that they’re sent via the right network. It’s like checking to make sure you have your keys before leaving the house – it can save you some trouble.
Next time you’re moving some coins around, try to keep these tips in mind.
This article is for informational purposes only. Shakepay Inc. is not responsible for any loss of funds from unsupported transactions. See our Terms of Use and Privacy Policy for more details.