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Althair

how to move money from hosted wallet to ripple wallet

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Hey guys!

 

Please, I am desperate, and feel stupid...

 

I have an account with gatehub.

 

I set a trustline to snapswap, where I hold a few euros; this is a hosted wallet.

I then set a trust line on my ripple trading wallet to snapswap, and can move euros from the other wallet to the ripple trading wallet.

 

However, when I try from the trading wallet to trade those euros (within snapswap) into XRP, it seems the EUR snapswap wallet does not appear as an option...

 

How can I move euros from the hosted wallet to the actual ripple trading wallet?

 

Thanks for the advice!

 

Cheers!

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Someone please correct me if I'm wrong, but I think as of right now, the only way to deposit EUR or USD into your Gatehub wallet is via wire transfer.

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Just now, Dxeed said:

Someone please correct me if I'm wrong, but I think as of right now, the only way to deposit EUR or USD into your Gatehub wallet is via wire transfer.

You can use SEPA (regular European bank transaction) for EUR if you live in the SEPA zone (EU + some other European countries like for instance UK)

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9 hours ago, Althair said:

How can I move euros from the hosted wallet to the actual ripple trading wallet?

Select "wallet" in the far left menu
Select the wallet in the top left corner drop down that you want to send FROM
Click "send payment"
Under the "instant" section click the address book icon next to the "send to" field. You should see both of your wallets as options.
Select the wallet you want to send to
Ensure the wallet you selected says "My Wallet" next to it
Enter the amount in EUR and make sure EUR is selected
Click "next step" and finalize the send

You are effectively transferring between wallets by sending the EUR to yourself. A bit counterintuitive but it makes sense after your first try.

Lastly, Snapswap is a defunct gateway. I don't think you should be buying their EUR. Trade Gatehub or Bitstamp EUR instead.

There is no market for Snapswap EUR: https://charts.ripple.com/#/markets/XRP/EUR:rMwjYedjc7qqtKYVLiAccJSmCwih4LnE2q?interval=30m&range=3d&type=candlestick

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Thanks Xi195!

 

yes, i did some research last night, just to find that snapsawp is dead...

 

Basically, I had some euros in RockTrading, and for some weird reasons it seems I also had extended trust to Snapswap and had enabled "rippling" option, so my eur were converted from RockTrading to snapswap.

 

At this point my question is: how can i recoup the actual euros from snapswap? I deposited the money physically in the rocktrading, and then got "rippled" to snapswap, but the physical euros must be with someone, and I would like to get them back at their actual value...

Thanks!

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39 minutes ago, Althair said:

I deposited the money physically in the rocktrading, and then got "rippled" to snapswap

When did this happen? There was a small vulnerability that allowed someone to swap their less valuable IOU's for more valuable IOU's. They should not be Rippled automatically otherwise.

Below is the topic where @ripplerm disclosed the vulnerability. Maybe you can private message him and he can help determine if that's what happened. @JoelKatz might be interested in looking as well. As you can see Ripple fixed it very quick, but maybe you were one of the few that were effected. Since the error was due to a setting on The Rock Trading's end they may be willing to reimburse you if this is indeed what happened.

 

Good luck and let us know what the result is.

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25 minutes ago, Xi195 said:

When did this happen? There was a small vulnerability that allowed someone to swap their less valuable IOU's for more valuable IOU's. They should not be Rippled automatically otherwise.

Below is the topic where @ripplerm disclosed the vulnerability. Maybe you can private message him and he can help determine if that's what happened. @JoelKatz might be interested in looking as well. As you can see Ripple fixed it very quick, but maybe you were one of the few that were effected. Since the error was due to a setting on The Rock Trading's end they may be willing to reimburse you if this is indeed what happened.

He seems like a FUD spreader, you guys taking this way too much at face value! Some newbie comes along, creates trustline to long gone gateway AND manages to enable rippling??? Come on you guys, don't be so naive:big_boss:

Anyway, @Althair, FUD or not, your EUR is gone, SnapSwap is not a gateway for long time now. In short - never trust anyone who does not deserve any trust and never enable rippling on trustlines. What did you expect is going to happen when you start trusting stranger on a street issuing you IOUs?

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1 minute ago, velmet said:

He seems like a FUD spreader, you guys taking this way too much at face value! Some newbie comes along, creates trustline to long gone gateway AND manages to enable rippling??? Come on you guys, don't be so naive:big_boss:

I'll let someone else make that call. Doesn't hurt to be helpful in the meantime. 

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Thanks @Xi195 for the advice and help!!

 

It happened a couple of weeks ago, that the unwanted rippling "kicked in" and affected me on my account in Gatehub.

I do not think I enabled Rippling, when I extended trustline to Snapswap, so it should not be possible for anyone to pass me their Snapswap EUR, and take away my RockTrading EUR, using Rippling, or am I wrong?

Here is the way I set the trustline to snapswap at that time, with this transaction:

E19A625685D5836F2C02DE03AA73032AB26CCEF06ADCC25E17706209164EFE3F

Would anyone be able to review, please, and give me some advice, whether the rippling was indeed enabled when I extended the trustline to snapswap? @ripplerm, maybe?

I contacted Gatehub, but did not get yet a reply on this...: @enej maybe you can ask Klas Urekar from Gatehub support team to look into this?

Can anyone please advice on the transaction above?  @JoelKatz

I apologize for disturbing so many people but 1300 euros are quite a sum for me.

Thanks for the help in advance!

Cheers

 

Edited by Althair

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@Xi195

Thanks again, I followed instructions by Joel Katz in the thread you mentioned, and managed to enable rippling (by myself, not because of a bug), so that EUR would be swapped from Snapswap EUR to Gatehub EUR wallet.

 

All euros are back to a real wallet (Gatehub wallet).

 

However, when I raised the issue with Ripple and Gatehub: Gatehub did not reply at all; Ripple, instead, confirmed this is a potential case of theft and invited me to fill in a "theft case" form. I do not think this was theft, but something related to a bug in their system (or Gatehub system).

 

However, a question remains open: how protected would we be from other "bugs"? If the answer is: "We are not protected; we can use a gateway at our peril", then this negates the idea that Ripple has created a system where counterparty risk is eliminated, because the risk is simply transferred to the gateway that has the bug...

Happy to hear thoughts.

 

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1 hour ago, Althair said:

@Xi195

Thanks again, I followed instructions by Joel Katz in the thread you mentioned, and managed to enable rippling (by myself, not because of a bug), so that EUR would be swapped from Snapswap EUR to Gatehub EUR wallet.

 

All euros are back to a real wallet (Gatehub wallet).

 

However, when I raised the issue with Ripple and Gatehub: Gatehub did not reply at all; Ripple, instead, confirmed this is a potential case of theft and invited me to fill in a "theft case" form. I do not think this was theft, but something related to a bug in their system (or Gatehub system).

 

However, a question remains open: how protected would we be from other "bugs"? If the answer is: "We are not protected; we can use a gateway at our peril", then this negates the idea that Ripple has created a system where counterparty risk is eliminated, because the risk is simply transferred to the gateway that has the bug...

Happy to hear thoughts.

 

Hi @Althair

I am sorry for not being able to get back to you in time. We had our hands full in the last couple of days and we are catching up as fast as possible.

Luckily @JoelKatz was able to step in and help you. Thank you @JoelKatz, you are truly a lifesaver!

Since I am not completely familiar with your case I can't comment more but it looks like a bug in RCL caused this unwanted rippling.

If that's the case neither GateHub (as a Gateway) nor GateHub (as a Wallet provider) should be the one to "blame". I also think dead gateways should freeze their IOU's to prevent things like from happening in the first place.

 

Edited by enej

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@Althair if the "rippling" happened before 12th March 2017, then probably you are a victim of this bug:

it's a bugs on RCL, so no gateway should be blamed or responsible for that....

and i don't think anybody can help u to get back your EUR.therocktrading.

after 12-Mar, the similar attack **should** be impossible.

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On 4/4/2017 at 11:41 PM, enej said:

Hi @Althair

I am sorry for not being able to get back to you in time. We had our hands full in the last couple of days and we are catching up as fast as possible.

Luckily @JoelKatz was able to step in and help you. Thank you @JoelKatz, you are truly a lifesaver!

Since I am not completely familiar with your case I can't comment more but it looks like a bug in RCL caused this unwanted rippling.

If that's the case neither GateHub (as a Gateway) nor GateHub (as a Wallet provider) should be the one to "blame". I also think dead gateways should freeze their IOU's to prevent things like from happening in the first place.

 

Got it, @enej and @ripplerm thanks.

 

@enej

As a result of that same bug, I have now a wallet showing a balance of -18.10 EUR:
rGcQo3R21J8BpextdCS1KNhweUJht6c8Pv EUR

 

I am not responsible for the bug either, so can that negative balance be cancelled?

 

Thanks

 

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17 minutes ago, Althair said:

 

Got it, @enej and @ripplerm thanks.

 

@enej

As a result of that same bug, I have now a wallet showing a balance of -18.10 EUR:
rGcQo3R21J8BpextdCS1KNhweUJht6c8Pv EUR

 

I am not responsible for the bug either, so can that negative balance be cancelled?

 

Thanks

 

Please PM me your email and we'll take a look.

Thank you

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On 4/4/2017 at 2:37 PM, Althair said:

However, a question remains open: how protected would we be from other "bugs"? If the answer is: "We are not protected; we can use a gateway at our peril", then this negates the idea that Ripple has created a system where counterparty risk is eliminated, because the risk is simply transferred to the gateway that has the bug...

Happy to hear thoughts.

XRP has no counterparty risk as a native asset (unless you hold it on an exchange). Fiat IOUs will always have a counterparty regardless of the protocol being used. XRP cannot be Rippled from one account to another. This is because rippling only occurs through trust lines and because XRP is native it does require a trustline. Every other asset on RCL has a counterparty. In this case, gatehub and snapswap were the EUR counterparties and this bug demonstrated counterparty risk quite nicely. In the course of rippling the class of your asset was unchanged (EUR) but the counterparty changed from Gatehub -> Snapswap. Your EUR therefore went from redeemable to worthless because snapswap is a defunct gateway. As such, you always want to make sure you trust your counterparty. You'll notice that euros on RCL are worth more or less depending on the gateway you're looking at partly because some gateways are more trusted than others therefore their IOUs will command a premium.

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