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Euro funds locked in snapswap in gatehub


Gooch73
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Hi guys, I've just joined so sorry if my technical terms are wrong ?

I recentley exchanged on gatehub 4000 xrp to euro gatehub , for some reason the conversion sent my euro To snapswap gateway which I had as one of my lists of gateways, I have tried to access the euro and convert it back to xrp or withdraw the euro to my uk bank acct , but nothing works? Gatehub will not do anything with the €754 that are showing in my account, I don't know what to do? Any help will be greatly appreciated.

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Unfortunately you had rippling enabled between EUR gatehub and EUR snapswap, so someone used your "liquidity" to trade snapswap for gatehub.

I think you're screwed and there is no way to withdrawal those EUR. You can try to contact directly Snapswap.

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Thanks for your help, are you saying snapswap is no longer active in the uk? I believe it closed in the USA sometime ago.

any ideas on what else I can do, I've contacted snapswap by email but no reply as of yet. Such a shame that this is possible on gatehub.

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Snapswap has not been active on ripple for years now. When and if you get a response I will bet it will say something like 'snapswap is not a ripple gateway, please contact ripple or some other party...' it's their standard response.

The snapswap zombie IOUs are unfortunately still floating around 

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For some reason rippling was on for snapswap which is why this has happened! I've turned it off now, I'm still confused on how this works , why were my  euros put in snapswap even though I selected gatehub euro in the exchange box ? I would really appreciate if someone could explain it in a simple way ?

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12 hours ago, Gooch73 said:

For some reason rippling was on for snapswap which is why this has happened! I've turned it off now, I'm still confused on how this works , why were my  euros put in snapswap even though I selected gatehub euro in the exchange box ? I would really appreciate if someone could explain it in a simple way ?

When you have rippling enabled it is like saying that you are willing to hold either EUR.snapswap or EUR.gatehub. For you they have the same value and they can be exchanged by others. On a practical point of view is equivalent of having placed an order to exchange all the EUR.gatehub for snapswap, so people are able to use that liquidity in payment or trades.

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Thanks for your response , and for explaining it more clearly to me , the thing is when I did the exchange xrp- euro , I specifically selected gatehub euro from the drop down menu , I did two exchanges one for 4000 xrp which all went well and showed inmy euro gatehub but the other 4000xrp ended up in in snapswap euro even though I did not select this? 

Is there any way I can reverse this as I've got over €700 euros sitting in snapswap and I feel like someone has robbed me! And to top it off gatehub won't reply to my emails and neither snapswap international eu

 

 

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  • 1 month later...

I'm interested to hear the update Gooch. I too got rippled into worthless snapswap IOUs. I thought that BTC2Ripple was supposed to honor IOUs of non-US residents, has anyone gotten back to you?

I'm looking further into the issue and am wondering who you have been contacting at btc2Ripple. There has to be a way to make them honor their IOUs, though the cost is likely prohibitive.

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