We've all been there, made a transaction, expecting to see funds on the other side, only to be disappointed when it goes missing. This guide will explain the missing memo issue and how to resolve it.
Memo Basics: Exchange ↔ Keplr Extension
Many centralized exchanges require a unique tag or number to be included in the memo field when sending a transaction from your wallet. Here’s why.
Since exchanges manage a huge number of accounts, they do not assign a unique wallet address to each user. Instead, multiple users share the same deposit address, and a memo (destination tag or tag number) is used to identify each account.
If you send a transaction to a centralized exchange without the required memo, your funds will end up in a shared pool with no way to know which account to credit.
When transferring from an exchange to Keplr Extension, no memo is required. However, when sending from Keplr Extension to an exchange, you MUST include the memo provided by the exchange.
Unfortunately, once a transaction is sent without a memo and confirmed on chain, there is no way to undo or cancel the transaction. Since the funds are sent to an exchange-controlled address, only the exchange can take action to support you.
The good news is that missing memos are a common issue, and many exchanges are willing to help retrieve the funds.
How & When to Add the Memo
The exchange will tell you if a memo is required when making a deposit. It usually appears next to the deposit address and is shown as a short string of numbers.
For example, Binance provides a memo as shown below.
Let’s try depositing to your exchange account. Open Keplr Extension, click Send, and select asset to transfer.
After selecting the asset you want to transfer, you will see fields for the recipient address, the amount to send, and the memo.
For most transactions, the memo is completely optional. However, when sending to an exchange account, it is required. Always check if the exchange specifies a memo and make sure to fill in this field. Paste the memo provided by your exchange into this Memo field in Keplr Extension.
Never put your recovery phrase (seed phrase) or other confidential information in your memo field. The information will be publically visible, on chain, forever.
If You Forgot the Memo
In the case of a missing memo, you should prepare your account number and transaction hash (Transaction ID) that you can find using a block explorer, such as Mintscan.
Then you'll need to contact the exchange using one of their official channels to apply for memo recovery. For example, here is Binance's support page for missing memo: Missing memo - Binance. Then follow the exchange's directions to retrieve your funds.