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What happens if I use the wrong wallet address (or destination tag) when depositing crypto?

What happens if I use the wrong wallet address (or destination tag) when depositing crypto?

Liquid can attempt to retrieve these tokens, but delivery cannot be guaranteed, and a significant administrative fee can be charged.
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Written by Jason. Updated over a week ago

Sometimes, users incorrectly deposit cryptocurrency - by either using the wrong deposit address or missing certain information (i.e. memo field in currencies like XRP). This causes those deposits to become "lost in transit", and thus will not reflect on your Liquid account.

Liquid can attempt to retrieve these tokens, but delivery cannot be guaranteed, and a significant administrative fee can be charged

Fees Incurred by Retrieval Service

Type of Missed Deposit

Fees


Deposits of tokens into correct address, but missing Destination Tag

  • 10% of the deposit amount; OR

  • 500 USDe of the deposit amount, whichever is lower.


Deposits of tokens into incorrect addresses

  • 10% of the deposit amount; OR

  • 500 USDe of the deposit amount, whichever is higher

Currently, Liquid’s ERC20 unified MPC-based deposit wallets makes it so that today, all ERC20’s and ETH deposits share the same deposit address, thus eliminating any ERC20-based deposit problems. You can read more about this technology here.

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