In our previous post, we began addressing the most frequently asked questions from our users. Here, we continue to break down some of the top support requests we receive.
Payment window expiration
There’s a widespread misconception that when the payment window expires, the contract will be automatically cancelled, which is not the case. We have also seen many sellers believing that if the payment window closes their BTC in escrow will be automatically released to the buyer.
In reality if the contract has not been completed within the payment window, it is possible to cancel the contract, or start a dispute. In any case it’s important to note — no automatic cancellations or refunds happen on their own.
Refund/release transaction addresses
Another common misunderstanding is that refunds from escrow will automatically return to the address used to fund the escrow. It’s crucial to understand that refunds or release transactions are sent to the address set in your Dashboard/Settings.
No access to Bitcoin wallet
Some users set up their BTC address when they first register on the platform and then forget about it. Fast forward a few months, and they might come back to trade, unaware that they no longer have access to the BTC address listed in their settings. If this happens and a refund or release is processed, the funds could end up in a wallet you no longer control, leading to loss of funds.
A quick guide to managing 2FA codes
Two-factor authentication has become a standard security measure for digital accounts. We have recently implemented its use across all our platforms and services.
2FA codes are known only to the user. Due to the security measures in place, we are unable to access these codes and therefore unable to assist with recovering them. It is therefore crucial to retain the backup codes generated during the two-factor authentication setup process when setting up the account. These are six alphanumeric codes of 16 characters each. The code should look like this: 813536bdeb3421dc.
In the event that you lose access to your 2FA app (Google Authenticator, Authy, etc.), when logging into your Hodl Hodl account, you will be prompted to enter your 2FA code. At this point, you can enter one of six backup codes. Please be advised that the codes are one-time use only and cannot be reused. If you have not yet backed up the codes, we strongly recommend that you disable 2FA from the platform and enable it again, this time ensuring that you save your 2FA backup codes.
Watch out for triangulation attempts
You could be a victim of a triangulation attack, where the scammer pretends to buy BTC from you while simultaneously selling a product to someone else at a very low price for a quick sale. The scammer provides your bank account details to the buyer of their product, making you believe the money you receive is payment for your BTC. As a result, you release the BTC to the scammer. However, the buyer of the product never receives what they paid for, and they contact you because their payment was sent to your account. For this reason, we strongly advise users selling BTC to ONLY accept payments directly from the buyer’s account.