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SNAPSWAP WALLET!!!


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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 U

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 t

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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Posted (edited)

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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