When you send cryptocurrency there may be a time when you have sent it out in error. These common mistakes can include:
1. Entering a recipient’s details incorrectly
2. Confirming and authorising the send when you didn’t intend to
Due to the nature of how the blockchain works, it’s often not possible to undo a send transaction. However, here are some scenarios which could help:
Sending to an email address or mobile number
If the email or mobile number you’re sending cryptocurrency to is not linked to a Luno wallet, the recipient will have seven days in which to signup to Luno and claim the cryptocurrency. If not claimed within seven days, it will be automatically cancelled and returned. If you sent cryptocurrency from your Luno wallet to an email address or mobile number linked to a Luno account, it will be processed instantly and cannot be cancelled or reversed.
Sending to a blockchain address
If you sent cryptocurrency to a blockchain address, the transaction will be submitted to the blockchain within seconds of confirmation. Once submitted it cannot be cancelled or reversed.
The recipient is not receiving the send, what can I do?
If you sent cryptocurrency to a blockchain address, the transaction can be processed in approximately 30 minutes. In unusual circumstances (a combination of high congestion and low fees), it may take much longer to be confirmed. If the recipient does not receive the cryptocurrency within a few hours, check the address that you sent to and ensure that you did not make a mistake.
I received notification of a send I did not authorise, what can I do?
If you did not authorise a send transaction from your Luno wallet and suspect it may be fraudulent, you can use the “Report it” link which you’ll find at the bottom of the email we send to your inbox as a confirmation when sending cryptocurrency.