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How I Lost 10354 SJCX in Coinbase!

Everyone does dumb things in there lives. Last month i did something that ranked pretty high in the dumb list..I hold a some digital assets and one of my baskets of assets was 10354 SJCX . At todays prices that would be about £800. SJCX for those that dont know is a digital token on the StorJ Network. Storj is a decentralised cloud storage solutions built on Blockchain technology. Earlier this year when i heard about the project i wanted to test the application. However to be part of the test group you had to hold 10000 SJCX which at the time was relatively cheap at only about £100.. i thought what the hell 😉

I had these coins sat in the wallet for ages… they had gone up in value over the months i had them….and in the end they became worth about £800…Which is a 8X increase pretty good gains i thought. I dont know why , i thought to myself what would happen if i tried to transfer the SJCX into my Coinbase wallet.  After all a Storj Wallet is a extension of a bitcoin wallet… I also thought that id be able to transfer them oout if anything went wrong since coinbase have a good support team.

Without really thinking what i was doing i went and transfered ALL the SCJX to a coinbase wallet i own 1Cr563rzct219VZL1sHoVSNGNuMU128swE. Only when i went and opened my coinbase wallet i had a horrible feeling i messed up bad.

Once i had realised what i had done i rushed to email coinbase support to see if they could assist me somehow..this was the response i got from coinbase.

JUN 23, 2016  |  04:21PM PDT
Robert Reid replied:

Hello,

Unfortunately, it’s not that easy. Our keys are locked up in our own secure key storage system. This system is only able to sign Bitcoin transactions and can’t do anything else. We tied our hands on purpose with respect to these private keys. So it’s really hard for us to sign non-Bitcoin transactions. Obviously, it’s possible, but it requires a ton of engineering effort to code up, test, and deploy a solution. And it is not worth it for us to do this for the small amount of money people lost to this.

We have had many people that have sent altcoins to our Bitcoin address, and we were not able to help them retrieve them.

I am sorry for any inconvenience this caused and for misunderstanding your initial question.

Regards,

 
Robert Reid
Customer Support Agent
Coinbase

 

 

It may be the case that the SCJX is suck in Coinbase forever or maybe oneday a coinbase engineer with the private keys will scope up my lost SCJX. So the lesson learn from this experience is not to sent Altcoins like Storjx to Coinbase or you will lose them FOREVER.

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