Hi everyone,
I am here for your advise/suggestion please.
Recently, I participated in a presale of one of the cryptos via Metamask Wallet.
The transaction did not go through and is a failed transaction.
However, I got charged for a gas fees of totalling $5,000 for 3 of the failed transaction.
Can anyone who has gone through this previously or know what can i do to recover my funds, Can you kindly direct me to the right path please.
Thank you
Wow! What a great scam business model this is.
Yet we still got crowd of Sydney fans stomping to see Logan Paul. #zoocoins
Another fool dabbling in mythical get rich quick Crypto schemes
When will people learn?
The is only one reply..
Just dont do it!
True, but people these days (young & old alike) don't want to get rich slowly.
How good is crypto!
Honestly don't know why people are still supporting the ponzi schemes.
To the moooooooooooooooooooooooooooooooooon !!!
hodl all day
Rather hodl my richard…
…On the Space Shuttle Challenger
When Lambo?
Somebody is salty they couldn't profit in a bull market.
Whatever the opposite is of salty.
Thats me right now.
Sugary.
Yes, I'm sure @Drakesy is absolutely torn that they didn't get in on the ponzi scheme earlier so that they could profit from the losses of people like @Mentallysick
You play hard, you lose hard.
where's rekttrading when you need them
Probably got rekt
I try to avoid thinking about unrealistic hypothetical scenarios like that, but you get a +1 for the optimism.
Hasn't posted in over a month, I suspect he's either stupid rich now and on a beach somewhere or crying in a rented unit.
I reckon he made it
And tech lead…
Can anyone who has gone through this previously or know what can i do to recover my funds, Can you kindly direct me to the right path please.
The whole "presale crypto" thing is a scam designed to make them money, not you :/
All transactions fail, all transactions charged fees = free money for the scammers :(
Painful result.
Given crypto isn't regulated (like boring fiat currency etc etc), I don't think you have any recourse anyway - but it seems like they're doing exactly what their terms and conditions said they would so …?
Here's hoping exactly the same thing is happening to rekttrading right now, anyway.
I’m sure rekt is currently sipping Mai tai’s on a tropical beach somewhere on his private island
Tending his tulips.
That may whoosh over many heads. 👍
@StingyBritches: Only people in the secret club of "anybody 15-55 on the internet in the last 4 years" would get that reference.
Given how the 2008 GFC eventuated I'm not sure 'regulation' is worth much either.
The world is full of ponzi schemes and crypto is but one of them.
Try chargeback, but I don't like your chances given the T&Cs.
Chargeback … to what?
Okay, sprung, you can tell I know nothing about crypto. I thought he outlayed $5k from his CC to buy crypto.
Even if it was $5k outlayed on a CC to buy crypto directly, what are you charging back exactly? You can't use a CC for investment (speculation) and then cry foul when it fails.
LOL
I know we all laugh here, but $5,000 for 3 of the failed transaction, is that mean OP got lots of coins
Probably can claim on tax.
(profanity) me, if the ato allows that on shitcoins they shouldn’t be allowed to regulate deductions
If they want to tax CGT on any gains made on s$&t coins , they have to also allow CGT offsets due to losses on the same.
Can anyone who has gone through this previously or know what can i do to recover my funds
When you use a credit card at Coles and get charged a processing fee, do you think you can "recover your funds" from that?
You've paid gas fees to validate a transaction and as others have pointed out, even if it fails, it doesn't matter. There's no recourse here
How much were you trading that you got charged that much in gas fees?!
How much were you trading that you got charged that much in gas fees?!
The hilarious/ridiculous thing about Ethereum is that sometimes the gas fees you pay for a transaction can be many times more than the transaction itself.
It's clownery.
the transaction fees did go down heaps from what it used to be but yeah still cray
nice scam, the people who came up with this shit and still peddle it are great sales people, keep drawing in suckers every day
P
O
N
Behold the wonders of a unregulated market
Also user name checks out
Yeah because a regulated market is so much better and definitely isn't a scam in different ways.
Yeah because a regulated market is so much better and definitely isn't a scam in different ways.
laughs in NFTs
Laughs in tulips
The worst thing is that even if they literally stole all his actual money, he would likely never get that back anyway, I don't know how anyone would even ask about processing fees.
It amazes me you'd have over 5k in eth, and still not understand how gas fees and contract signing works.
Very very expensive lesson, but at least that's a 5k loss you can claim on CGT calcs come tax time
Don't relate amount of investment with intelligence.
Idiots will gladly put $100k into crypto without knowing anything about it if someone says you'll get a 20% day on day return.
unless they are pro and not an investor then it could be written as an expense
If they are claiming to be a trader as a profession, and both lost 5k in gas to failed transactions plus asked the question they did……well, they clearly aren't :)
lol I missed that part
All I can say is OUT OF GAS
Unfortunately it's going to be virtually impossible to get anything back. It's literally the wild west.
You should watch this video series, as it does a good job explaining the situation:
I thought the whole thing with crypto was that it was meant to LOWER transaction fees?
Even as a simple thought experiment, there's no way to acheive that. If you don't trust anybody, you have to have multiple parties run and agree on the transaction, how can that possibly be cheaper than just having one party do it?
lol
PayID, old school. I want to transfer money faster than instant. Crypto is the way of the future.
Why use Fiat currency to send money for free when you can pay transaction fees to do so?
This was most crypto bros big justification. Quick and free transactions.
Turns out both are wrong and we already have a working fiat version payid and osko
The cypto I send has no charges wallet to wallet . Also easy enough to get out with 0 fees if you know what your doing . I'm not sure how people get gassed . I want to be on the bad smell side with those fees :)
Care to share the etherscan transaction?
Not a great idea to share it from a security doxxing point of view… but at this point it sounds like your fund's have already been lost, and you don't have much else to lose
The funny thing about crypto is if the OP reveals details of one transaction, they automatically reveal every transaction they have ever made from that wallet. Isn't crypto wonderful?
It's a crazy world we live in, we're we meant to inherently place trust in all systems, but with no means to verify anything. Isn't the system wonderful
That's a serious amount of gas. I know that previously when moving ETH around between wallet on chain (i.e. not in an exchange) it would cost about $5 - which was high at the time. I wonder what kind of computation they were doing. Also, are you sure you're converting to dollars correctly?
A couple of days ago I made some transactions and an Eth transfer cost a dollar or so, an ERC20 transfer cost $5.
I have no idea what OP was doing to pay $5000 in gas. Never heard of that. Even back in 2021 during the peak of NFT mania most transactions were less than $100.
Regulation bad, free market good - until it all goes south. Then regulation is great. I would not touch unregulated financial structures. It is easy enough to lose money in many of the regulated markets without venturing to the dark side. Good luck but I think you have been scammed.
I even feel for you OP
Why did it fail though? Is it like listing a stock at a certain price before the market opens? But then nobody bought it?
Why on Earth did you chose OzBargain as the place to ask for advice on crypto 😅
Really sucks but usually it would fail if you messed around with the gas fees and gas limit… did you?
That's what I am thinking too. i've never seen that :S
I remember messing around with the gas fee and limit few years ago and that's when OUT OF GAS occurs and then you wasted ya eth
but if it was $5000 in gas the actual amount getting transferred would be huge
My advice is to take it as a lesson learnt and move on with your life
Call Ethereum tech support and get them to reverse the transaction.
Wait, that doesn't exist. There is no central authority, no 'dead hand' of government regulation trying to prevent fraud. Everyone is on their own. Your $5k has been transferred to validators and they have given you nothing in return. Code is law.
Here's what happened - likely. Although there are different scenarios.
This 'crypto pre-sale' was run through one of their own contracts and was poorly coded. The transaction ran, but for an indefinite amount of time before it finally failed; ultimately taking all your gas fees along with it. This is a consequence of setting a ridiculous gas price / limit in an attempt to get ahead of others.
You possibly saw that the original crypto left your wallet and took it as gas fees - when in reality, it was transferred to the owners of the contract.
I dont really understand?? why were you buying $5k in petrol?? are you a bus company?
I paid over $250 in fees on a $1000 NFT transaction recently. Granted, it's not just gas fees, but also includes marketplace fees, exchange fees, withdrawal fees, etc. But for me it taught me a lesson: the fee system in many crypto products is busted. You hear about risk of capital loss all the time, but rarely about the problem of extortionate fees.
i think you click your mouse too much.. so much clicking things …. I think if you click your mouse less next time you can save your money better
advice from little monkey, ooh ooh ahh ahh!!! 🐒🍌
There's normally a big red warning and Metamask jacks up the gas fee to 2-3eth when something isn't right. I guess you didn't see the warning and proceeded anyway.
Unfortunately the 5k goes to miners, not to the presale crypto company or Metamask. Pretty much your chances of getting your money back is non-existent. I guess take this as an expensive lesson.
edit: feel free to post etherscan tx, so we can have a look.
That’s the risk you take unfortunately - with high risk comes high rewards, so do it at your own risk.
Try again and maybe put more fu do in to see if you get a better outcome, the more you put in the more you stand to gain if successful.
Many people have earned immense wealth from cryptocurrencies and it is perfectly legal and unrestricted by the Australian government
I do presales almost everyday. I would assume you tried to mint hyped nft or presales on ether chain. 3 failed transactions with 5000 is very low gas fees. I used to mint nft for 400 dollars but pay Like 2 eth for gas which used to be like 8k usd.
This is 100% your fault as gas price is clearly stated on MetaMask or trust wallet. There is no way to recover it.
This is how it works, those guys who paid more gas than you have high chances of getting in.
Or it could be that you were frontrun as your slippage Margin was too high.
If you like, you can dm your transactions id. I can have a look but do understand, there’s No way to recover.
Whoa. People of OzBargain please don't tell Gerry this business model. He will incorporate that into HN online to fail every sale transaction and charge you $5k each pop!
https://support.metamask.io/hc/en-us/articles/360045439051-W…
Ouch.