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A Positive Experience with Swapspace.co - Lost Funds Recovered

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by COINS NEWS 178 Views

This one is a classic. Crypto is very complex and its easy to overlook minor details which cost you crypto. Here is the story:

I typically use MEXC as a CEX to swap tokens. I create a new account every time, get in, do my business and get out. They don't have KYC under 5 BTC and as long as your transaction is under $10k they don't really ask any questions.

So I swapped some ETH for BTC and went to withdraw the BTC...no problem. I left a little extra ETH so I can withdraw everything without leaving any dust. I had about $100 of ETH left to withdraw.

Now, what I typically do with this is withdraw directly to an instant swap service (like changelly/fixedfloat) and I use swapspace.co to determine which service has the best price. I want to swap the remaining $100 ETH --> BTC. [Why do I do this? In a nutshell, it saves on fees. MEXC has 0% maker/taker and reasonable withdrawal fees....but most instant services are like 0.05% and aren't great if you are doing $5-10k in trade].

So swapspace says Binance is the best price. I create an exchange on swapspace and withdraw from mexc on binance smart chain (again, cheapest withdrawal fees) and it goes directly from mexc to the swapspace generated deposit address.

Fuck! Mexc sent BETH (Binance pegged eth on BEP20) instead of ETH on BEP20, didn't say anywhere they were sending BETH specifically. A really minor detail, but it meant the swap was stuck and would not process because they were expecting the wrapped ethereum token on BSC not the binance pegged one.

Enter swapspace support. I create a support ticket and here is the response:

Dear user your request (#####) has been received.

Our support team has already begun to work on your issue.
Please give us 10-15 minutes and we'll contact you right away.

To add additional comments, reply to this email.

Best wishes,
SwapSpace support team

Okay, sure. Kiss that crypto goodbye. But you know what, Swapspace came through. Maybe 15 minutes later I get an email saying they have reached out to binance and about 40 minutes later I get this email:

We are here with the updates regarding your issue.

Your exchange has been successfully finished.
Here is the hash of transaction to check:

https://blockchair.com/bitcoin/transaction/###########

We are sorry for the inconvenience and hope to see you again on SwapSpace.

All the best,
SwapSpace support team

I received my BTC shortly after. Didn't have to pay any recovery fee or transaction fee at all. Really impressed with how smooth it went. Not bad swapspace; but I've got a bone to pick with mexc!

submitted by /u/ripple_mcgee
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