Bounced back money

tloz123

I was doing a bit of investing in crypto on an exchange. I cashed out and transferred them to my bank (Revulot). Because I reached my top up limit, the transaction's status was pending. They told me I could revert the transaction and the transaction !!!!!! bounce back to where it came from. I did that but the money has not appeared on the exchange.. and I just realised in order to put money in the exchange, you need to transfer money to it using a specified reference on the transaction.. which did not happen when the transaction was reverted. Any ideas as to where the money has gone? I've contacted the exchange but still waiting on their reply.

agrinnall

You'll have to hope that there is an expert on crypto currency who is a member of the forum and sees your post, because most of us here have little idea how it all works, and the view that it is a Ponzi scheme is quite widely held which means many of us won't touch it with a bargepole. I would be surprised if you can get your money without a lot of struggle, and it may be lost forever.

PlumbingTheDepths

Which exchange are you using?

One of the problems at the moment is that the exchanges are not regulated, and often their processes are not particularly robust.

The answer is probably that you will have to wait until the exchange replies.

There are plenty of risks with crypto as investment, but you should be aware the exchanges themselves are also inherently risky.

If you do wish to keep investing, it is best that you only leave your cash and/or crypto on the exchange for the time it takes you to do the transaction and then move it back to your bank or crypto wallet, and also don't have too much on the exchange in one go.

There is a long history of these exchanges disappearing overnight and/or being hacked and losing large amounts of crypto.