I recently transferred a large amount of XLM from Coinbase to Kucoin using an incorrect memo. The funds were never received by my Kucoin wallet. I paid Kucoin a fee- 50 USDT-ER, to recover these funds and send them back to Coinbase. Despite paying this fee, I am being told my Coinbase that the transaction is not recoverable because Kucoin sent the XLM back with no memo. Apparently all XLM transactions require a wallet address and a specific transaction memo (hence why my money was lost in the first place). This seems like a catch-22… Your transfer is lost if you send XLM with an incorrect/missing memo, yet Kucoin will only send recovered XLM without using a memo. Seems like a closed loop system designed to lose your money. Anybody have any experience/recommendations with this issue? Thanks for your time and help.


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Posted in Kucoin Reddit

4 Comments

  1. Houtangalang on 18. April 2022 at 12:36

    someone keeps hiding the negative comments! Kucoin is so sketch

     


  2. loveheronlyher on 18. April 2022 at 12:36

    closed loop. move on and lesson learned.

     


  3. JHWild79 on 18. April 2022 at 12:36

    Yeah the same thing happened to me about a year ago…

     


  4. flying_bacon on 18. April 2022 at 12:36

    Keep pressing KuCoin to send them to a valid memo ID. Had it happen before. Keep pressing them.