Author Topic: Sent litecoins to bitcoin multisig address. Any way to recover them?  (Read 2305 times)

Offline babycry

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Hello

By mistake I sent over 1000 litecoins to multisig address starting with 3. Unfortunately that was bitcoin multisig address and exchange didn't recognize it wasn't litecoin address so it sent them there. Now I can't recover these litecoins.

I realized you can create litecoin multisig addresses using bitcoin public keys, but you can't unlock these ltc funds using converted btc-to-ltc private keys. It just doesn't work. Is there any other way to recover?

I am not the first person doing this mistake and most likely won't be the last, so it is an issue too look at.


Offline babycry

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #1 on: June 30, 2015, 09:22:46 PM »
Hey

I think it was problem on my side. As I was trying to sign the transaction with uncompressed keys while I should be using compressed keys.

That basically means I can spend my litecoins that I sent to bitcoin multisig address, as long as I have the keys. But because I sent litecoins to exchange's bitcoin multisig address, I can't recover them myself.

But I'm sure they can. happy :D

Offline babycry

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #2 on: July 02, 2015, 01:27:50 AM »
Hello guys

I would just like to confirm, that recovering litecoins from bitcoin multisig address is possible. I tried and it worked. But most importantly, Bitfinex staff worked on that problem too and succesfully recovered my over 4000$ worth litecoins.

Thank you Bitfinex for putting all the effort.

So guys, be careful, when sending Litecoins around. Litecoins can be transfered to bitcoin multisig addresses. But if you will send them to address, that you don't own keys for, then you are at mercy of people who do have the keys. In case of honest exchanges, they will be able to return the coins, but returning them does require additional work for them. So try not to do same mistake that I did. In case you do, I can confirm it is possible to recover them.


Offline wiggl3r

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #3 on: July 02, 2015, 04:42:34 PM »
Glad you got your coins back and I learned something new by reading your posts.

Offline pumpbreaks

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #4 on: July 03, 2015, 01:44:44 PM »
i came into this thread thinking NOPE, glad thats not the case double check triple check everything guys

Offline treasure_finder

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #5 on: July 03, 2015, 04:11:22 PM »
Lucky break for you!

I have never sent coins to a wrong address, I double and triple check to make sure everything is correct before I send.  I pretty much know that if I make a mistake and send to the wrong address, that I'm screwed.

Offline babycry

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #6 on: July 18, 2015, 03:10:47 PM »
I am glad you learned something. I also learned to be more careful. :D

I've send thousands of transactions over last 2 years and this was my first major mistake. Fortunately multisig addresses are compatible so coins are not lost if you sent them to wrong multisig address. The thing is, in normal cases, exchanges and client warn you that you can't send litecoins to bitcoin address. But in case of multisig, both litecoin and bitcoin use same format of multisig addresses so bitcoins multisig addresses are also valid litecoin multisig addresses. What you have to do then is to convert bitcoin private keys to litecoin private keys, and then use converted litecoin keys to unlock funds on the address. Its not the easiest procedure, but it is possible.

Offline kvb

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Re: Sent litecoins to bitcoin multisig address. Any way to recover them?
« Reply #7 on: July 20, 2015, 01:07:40 PM »
Hello guys

I would just like to confirm, that recovering litecoins from bitcoin multisig address is possible. I tried and it worked. But most importantly, Bitfinex staff worked on that problem too and succesfully recovered my over 4000$ worth litecoins.

Thank you Bitfinex for putting all the effort.

So guys, be careful, when sending Litecoins around. Litecoins can be transfered to bitcoin multisig addresses. But if you will send them to address, that you don't own keys for, then you are at mercy of people who do have the keys. In case of honest exchanges, they will be able to return the coins, but returning them does require additional work for them. So try not to do same mistake that I did. In case you do, I can confirm it is possible to recover them.
That's Good news! Thanks for updating us.

I and 4 other people in the below thread also collectively have stuck 14484+ LTC in Bitfinex multisig bitcoin addresses.
https://litecointalk.org/index.php?topic=26513.0
Unfortunately non of us have received any updates from Bitfinex for almost two weeks now. I really hope they can improve their communication with us.

As I see, with every day more and more users are having this issue. I think Litecoin developers should URGENTLY update the litecoin client with a warning that when a multisig address is entered the client will display a message saying:
"Warning! Multisig address added. Please DOUBLE CHECK that this is a Litecoin multisignature address and not Bitcoin".

This can be done NOW, and we don't have to wait for a hard fork to at least address this issue some how.

Thanks again! :)