822.47 FTM burnt into ethereum network because of lack of clarity

[ad_1]

Yesterday, I decided to withdraw some of my crypto assets from Bitstamp.

Everything went well for all the assets I transfered (algorand, dot, solana, etc.), except for my 822.47 FTM (~669€ at transfer time..).

Let me explain : For reasons I do ignore, for FTM transactions, Bitstamp is using Ethereum network instead of FTM one.

As you can see on the screenshot above, while processing the FTM transfer, there is nothing explicitly telling you that the used network for FTM withdrawals is ethereum one. There is only this warning saying « Prioritize withdrawing to your Ethereum private wallet. »
which I overlooked since I do not have ethereum private wallet. And this warning isn’t even talking about the network being used.

Since FTM has its own network, it made sense to be that just like for the others tokens, the transaction would be processed through its own network since nothing is specified anywhere while processing the transfer.

Network is not specified, ERC 20 isn’t mentionned anywhere ! Only « FTM fantom » is being given in the transaction name and the asked address is an « FTM address » as you can see on the screenshot from their website from yesterday (2 April 2024).

Because of this lack of clarity, all my FTMs most likely were burnt into Ethereum network.

I decided to call Bitstamp to get refunded since to me, the issue mostly happenned because of their website lack of clarity and as an Exchange that claim to be trustfull, it is their job to make this kind of things very clear for their users.

I got them twice at phone. The first time I have been asked to provide some informations about the transaction, including my « external deposit address for a potential return of funds ». Since I am not yet familiar with crypto assets transactions, I called them a second time to ask what they were expecting for this address in order to avoid issues. During this second call, I had to explain my situation from the beginning and they told me that they would contact another departement to state the issue and come back to me by e-mail, which they didn’t.

I have been a Bitstamp user for more than 3 years now and I am really disappointed about the situation … At first, I chose this Exchange because it was supposed to be clear and reliable.. Instead of taking my feedback to improve, fix their content and to refund my FTMs for this lack of clarity, for now I am just being ignored ..

I really hope they will be able to fix this issue for both sides ASAP..

[ad_2]

7 Comments

  1. [deleted] on 3. July 2024 at 9:10

    [deleted]

     


  2. alex_b991 on 3. July 2024 at 9:10

    This is kind of a shame for Bitstamp. I hope for you will find a way to be refunded

     


  3. Allezxandre on 3. July 2024 at 9:10

    This poor UX and low budget customer support is what lead me to using Kraken, despite being a long time Bitstamp user. Good luck on recovering your funds 

     


  4. GranmaDRIVING on 3. July 2024 at 9:10

    Same thing with me yesterday. No notification or warning the wallet address isn’t correct, or to chose the network or any info at all. You are just supposed to “know” that. I tired searching help for it but couldn’t find any good answer. So here’s that.

     


  5. Dependent_Archer184 on 3. July 2024 at 9:10

      I’ve lost alot to crypto exits scams. I was just so frustrated I didn’t know what to do until I read comments on YouTube about #METRODYNAMICFIX with 27,000 followers on Instagram. Thanks to him I recovered about £87,200 back I’m so happy and grateful….

     


  6. thisNino on 3. July 2024 at 9:10

    Have you been able to revoke the ftm back yet

     


  7. Bitstamp-Lucas on 3. July 2024 at 9:10

    We regret to hear that your experience on Bitstamp was not as pleasant as we would have wanted it to be. However, please note that there is a disclaimer on the FTM withdrawal page that states to always withdraw to your Ethereum private wallet first.

    We also have an article on our FAQ page, which elaborates further on the matter: [https://www.bitstamp.net/faq/can-i-deposit-cryptocurrencies-from-other-protocols-networks/](https://www.bitstamp.net/faq/can-i-deposit-cryptocurrencies-from-other-protocols-networks/)

    As stated, at the moment Bitstamp only supports transfers of Ethereum network cryptocurrencies based on the ERC-20 standard.