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SNAPSWAP WALLET!!!


RedRider
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I exchanged XRP to USD on GateHub, and for some reason they put it into the old SNAPSWAP Wallet!!?

Now they say it's defunct and won't honor the IOU, despite the fact it's clearly in the GateHub Wallet...

Just a total scam! How can I get my USD out of the SnapSwap Wallet? Any instructions? Thanks a Lot!

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Did you pay attention to the issuer of the USD that you were buying? It's possible that you bought USD.snapswap directly?

Alternatively, check to see if you have Rippling enabled on any of your USD trustlines. If you do, and if you have a trust line open with USD.snapswap, then you may find that opportunistic people will essentially swap your valuable Gatehub/Bitstamp USD for worthless Snapswap USD without needing your permission.

You should disable Rippling on all trustlines for this reason.

Unfortunately you will find it difficult to get any value out of Snapswap USD, because as you said, the IOUs are not honoured. 

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  • 5 months later...

Did this get resolved?  I did something similar - sold ETH to USD on Gatehub, selected 'Gatehub Fifth' (not Snapswap), and my trust is on for Snapswap but currently disabled, and I did have Rippling disabled.  However, somehow my Gatehub USD was moved/traded for Snapswap USD. 

Gatehub support said it's not their problem, I think it is.... At least a reason for me to remove all assets from their platform to prevent this from happening again.  Just curious if you had any luck on this or if you just wrote it off.

Thanks!

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@pm16 The answer will be in the transaction history of your XRP account, recorded on the public ledger. Have a look at your address on bithomp.com and see if you can work out what happened. Alternatively you can post or message me your wallet address if you're comfortable and I can look at it for you.

Unless you can prove that Gatehub executed transactions without your permission, then it's unlikely you'll get anything from them.

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2 hours ago, pm16 said:

Did this get resolved?  I did something similar - sold ETH to USD on Gatehub, selected 'Gatehub Fifth' (not Snapswap), and my trust is on for Snapswap but currently disabled, and I did have Rippling disabled.  However, somehow my Gatehub USD was moved/traded for Snapswap USD. 

Gatehub support said it's not their problem, I think it is.... At least a reason for me to remove all assets from their platform to prevent this from happening again.  Just curious if you had any luck on this or if you just wrote it off.

Thanks!

I'd also be curious in seeing the transaction history of what went on here.

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After some detective work (thank you very much @at3n!), we found that I do have an open Trust set up with Snapswap (established many years ago) and Rippling is enabled, though Gatehub's UI tells me otherwise... See attached image.  I'll be having a word with them next...

Gatehub should have known about this potential vulnerability and closed it, or emailed their customers somewhere during the last 7-8 years to prevent it.

In hopes that it prevents others from losing their funds during a transaction, I'd suggest using someone other than Gatehub to convert your crypto. Then again, if you're here searching for a solution, it's probably already too late. 

I lost a nice chunk of USD here, unfortunately that's the risk we take playing with crypto...

snapswap rippling.PNG

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Pretty dangerous bug from Gatehub alright. Anyone with a SnapSwap trustline open on Gatehub should use https://xrpscan.com/ to check that Rippling is actually disabled for SnapSwap.

Setting the trustline value to 0 will also protect you.

@pm16 sorry for your loss here. I don't know how these thieves sleep at night (the ones that stole your USD, not Gatehub).

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Ripple has always had a problem with trustlines being overly complicated. I don't think that having the default ripple flag off turns off all rippling. It just means that when you create a trustline it will be set to no rippling by default. You can still set individual trustlines to ripple. A SnapSwap trustline is going to be old (I miss those days). It may have even been on before Ripple added the default no ripple flag (and also before Gatehub existed).

This may not actually be a problem with Gatehub. All that said, trustlines are complicated and I may not understand how they work correctly. Definitely follow up with Gatehub and get their side of the story.

Edited by brianwalden
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The problem with Gatehub was just that they were incorrectly reporting that rippling was disabled, which can have devastating consequences in a situation like this. It's easy to query the rippled API for this info, no excuse IMO.

Otherwise yes, it was a trustline set a long time ago.

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  • 6 months later...

Hi Everyone,

I read with renewed excitement about the issues with Gatehub. I have had an identical problem with Gatehub. My account at Gatehub was hacked back in 2016. The hacker moved all the funds to a Snapswap account. Both Gatehub and Snapswap were un-cooperative. Both claimed that is was not their problem. 

Is there anyone in this group who had an account with Ripple Trade, or RT? This platform was discontinued in2015/2016. All account holders at RT were asked to migrate their account to other wallet holder, including Gatehub. RT and Gatehub were working together to facilitate the migration.

Are you aware that the French government successfully managed to retrieve 28 million euros worth of BTC earlier this year. Here is the link: https://www.euronews.com/2021/03/17/french-government-auctions-off-28-million-worth-of-confiscated-bitcoin

After searching the Internet, it seems like other transfers have the same destination wallet. The same wallet where my funds were sent to.

Your feedback would be very helpful in drawing up a plan of action.   

 

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I think I have a similar problem. What I did was placing a few selling orders on Gatehub and forgot about it. A year later I found I had 500 USD sitting in an account called “ rock trading”. I managed to exchange 300 USD from this account to my Gatehub account in a very ridiculous rate! (1.2 rock trading USD= 1 Gatehub USD).   But still there is nothing I could do with the remaining 200 USD.  
 

I had some USD in snapswap from my sale of XRP. But I successfully exchanged those money to my Gatehub account.

These things happened during my early experience with Gatehub. Very weird. I thought the USD from my sales should go to my Gatehub account. Never heard of these “ rock trading” and “snap swap” before. 

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10 hours ago, lizshadehdg said:

I think I have a similar problem. What I did was placing a few selling orders on Gatehub and forgot about it. A year later I found I had 500 USD sitting in an account called “ rock trading”. I managed to exchange 300 USD from this account to my Gatehub account in a very ridiculous rate! (1.2 rock trading USD= 1 Gatehub USD).   But still there is nothing I could do with the remaining 200 USD.  
 

I had some USD in snapswap from my sale of XRP. But I successfully exchanged those money to my Gatehub account.

These things happened during my early experience with Gatehub. Very weird. I thought the USD from my sales should go to my Gatehub account. Never heard of these “ rock trading” and “snap swap” before. 

First, you should make sure that Rippling is disabled on all of your trustlines. Go to xrpscan.com , enter your XRP account address, then click the "Trustlines" tab at the bottom. For each "Counterparty" that's listed, check that the "Rippling" column says "no". If any of them say "yes", then you may be at risk of unintentionally swapping your valuable assets for less valuable assets (like Rock Trading or SnapSwap).

Second, whenever trading with your XRP account, make sure you know which "issuer" or "counterparty" you're trading for. There are many different companies that have issued USD, BTC etc. on the XRP Ledger, and only a small number of them are still worth anything. Gatehub and Bitstamp are the main trusted issuers - there may be some more but do your research before trading for them. If you end up with assets from unpopular issuers, then no-one will want to buy them from you, like with the remaining 200 USD in your case.

Note that this is not a Gatehub issue, it's functionality built into the XRP Ledger. Gatehub just provides a way for you to access that functionality.

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3 hours ago, at3n said:

First, you should make sure that Rippling is disabled on all of your trustlines. Go to xrpscan.com , enter your XRP account address, then click the "Trustlines" tab at the bottom. For each "Counterparty" that's listed, check that the "Rippling" column says "no". If any of them say "yes", then you may be at risk of unintentionally swapping your valuable assets for less valuable assets (like Rock Trading or SnapSwap).

Second, whenever trading with your XRP account, make sure you know which "issuer" or "counterparty" you're trading for. There are many different companies that have issued USD, BTC etc. on the XRP Ledger, and only a small number of them are still worth anything. Gatehub and Bitstamp are the main trusted issuers - there may be some more but do your research before trading for them. If you end up with assets from unpopular issuers, then no-one will want to buy them from you, like with the remaining 200 USD in your case.

Note that this is not a Gatehub issue, it's functionality built into the XRP Ledger. Gatehub just provides a way for you to access that functionality.

Thank you!!!

I will do it now.

Ok…I’m a little bit panic now. I have BTC counterpart rippling status being “Yes”

Successfully disabled it on Gatehub.

Thank you for your help!!!

 

 

 

Edited by lizshadehdg
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