In most cases, if you send funds to the wrong network or address, your funds will be lost and Sinbad cannot retrieve your funds.
We explicitly mention this on all our screens, including the Deposit and Withdrawal for both USDC and USDT. Since Sinbad is a non-custodial wallet, you are responsible for ensuring you send your funds to the correct network and address.
Sinbad is a smart contract wallet which is fundamentally a digital wallet that utilizes blockchain-based smart contracts. These wallets harness blockchain technology to create self-executing contracts with specific, pre-set conditions. Unlike traditional wallets, which depend on private keys to manage funds, smart contract wallets use programmable scripts to handle and control transactions.
Smart contract wallets function as decentralized applications (DApps) built on a blockchain, enabling users to manage their digital assets. These contracts are programmable and automatically enforce the terms and conditions of an agreement. This advanced functionality provides users with more control and security compared to traditional wallets, as smart contracts support features like multi-signature authorization, access controls, and customized transaction logic.
Currently, Sinbad does not have the manpower to support certain retrieval processes. The recovery process is challenging, requires significant effort, and may take longer than anticipated. For this reason, if Sinbad is able to assist, there may be additional fees up to $500 due to the complexity and time-consuming nature of the task.
Various factors can extend the recovery duration that can take up to 30 days, including the type of unsupported tokens and the complexity of their retrieval.
Fees are subject to change and are not fixed. They may vary based on market conditions, operational costs, and technological advancements.
Sinbad is a non-custodial wallet, meaning you have full control and responsibility over your private keys and funds but since our wallet is still in beta, private keys are not yet available on the app, they will be available to users in later release.
How is the private key from a smart contract wallet different from a traditional wallet?
The Private key you hold on your device is only used to sign transactions for your smart account, which resides at a different address. This means:
The benefit of using your smart account address rather than your signing address is simply to allows us to rotate the signing of the smart account address if the private key is compromised
In most cases, if you send funds to the wrong network or address, your funds will be lost and Sinbad cannot retrieve them on your behalf. However, for some networks, it is possible to recover the funds with more complex steps. Any errors in performing these steps can result in the permanent loss of funds. Therefore, we recommend testing these steps with another account and a smaller amount before performing them on your main account.