For those who have issues withdrawing IOTX from Coinbase

Many Coinbase users are having issues withdrawing their IOTX tokens from the Coinbase platform, trying to send them directly to their ioPay wallet.

:raised_hands:t2: First of all, no worries: as long as you don’t delete the address from ioPay, your tokens are not lost. Please read more to learn how things work.

In short

IoTeX runs its own blockchain, where native IOTX tokens live. But there also exist IOTX tokens on Ethereum (ERC20) as well as on other blockchains. Coinbase trades ERC20 IOTX tokens, so you can only withdraw those tokens to the Ethereum chain, and you need a wallet connected to the Ethereum chain to see those tokens, while ioPay is connected to the ioTeX chain.

What happened

Keep in mind that when you withdraw or do any blockchain wallet transfer, you don’t transfer tokens into a specific wallet app (e.g., into ioPay, or into Metamask, or into Trust, or whatever): blockchain tokens always live on a blockchain , a “transfer” simply transfers the ownership to a different address on the same blockchain, it doesn’t move the tokens themselves in any way. The tokens always sit on the same blockchain as the sender (whatever the recipient address is, whatever wallet you used to generate the address).

So if you withdrew from Coinbase, since Coinbase trades the ERC20 IOTX token on the Ethereum blockchain, whatever address you set as the withdrawal recipient, your tokens were assigned to that address but on the Ethereum blockchain. This is not an issue with ioPay, or Coinbase: this is just how blockchain works. If you want to see the tokens in your wallet, you should use a wallet connected to Ethereum, because you are withdrawing an Ethereum token.

Recover access to your tokens

So, now you don’t see your IOTX in ioPay simply because ioPay is not looking at Ethereum (it’s looking at the IoTeX chain), and to get access to them you need to access the recipient address on the Ethereum blockchain, and you need an Ethereum wallet for that like Metamask, not ioPay.

Now, since you created that address in the ioPay app, this means that after all you own the private key for the address: just **visualize the key in ioPay:

and import it in Metamask**:

(make sure Metamask is connected to the Ethereum mainnet) and there you’ll find your IOTX.

Maybe you have to add the IOTX custom token to the Metamask Assets to see your IOTX. In case, add a custom token to Metamask using the IOTX token contract address on Ethereum:

0x6fb3e0a217407efff7ca062d46c26e5d60a14d69

Optionally, swap them to the IoTeX Mainnet

If you want to stake your IOTX tokens, you must swap/convert them to native IOTX, i.e. you need to move them from the Ethereum chain to the IoTeX chain. Moving tokens between different blockchains cannot be achieved by simple wallet transfers: you need a blockchain bridge for that. IoTeX provides ioTube.org: a decentralized bridge that connects IoTeX to Ethereum, BSC and Polygon (so far).

  • Just select Ethereum as the source chain
  • IoTeX as the destination chain
  • connect your Metamask to ioTube
  • click “MyAddress” to send to the same Metamask address but on the IoTeX Blockchain
  • make sure you have some ETH to pay for the gas on Ethereum
  • send your tokens

After the tx is confirmed on Ethereum, in a few minutes you’ll find your Wrapped IOTX in your ioPay wallet.

Unwrap WIOTX to IOTX

As you created a new ioPay account, you should have received a 0.1 IOTX airdrop for your first transactions gas. You can easily unwrap your IOTX directly in iotube at ioTube V5 - Beta by first swapping WIOTX to CIOTX, then CIOTX to IOTX.

Althernatively, you can use mimo.exchange to swap WIOTX to IOTX directly in ioPay:

  • access the “Discover” tab
  • find mimo among the Dapps
  • use mimo to unwrap your WIOTX to IOTX
  • Check your new balance in ioPay
  • Use the STAKE button to start staking
8 Likes

Thank you Sir, I’m not a total noob, but I loused this one up initially. Thank you for the guidance.

2 Likes

Hello. When you use mimo to unwrap and deposit into ioPay and then send it to coinbase, I would have to convert it back into eth by using iotube, correct?

Hello. When you use mimo to unwrap and deposit into ioPay and then send it to coinbase, I would have to convert it back into eth by using iotube, correct?
Correct.

Don’t send native IOTX to Coinbase from ioPay: Coinbase only accepts ERC20 IOTX tokens (on the Ethereum network). ioPay is connected to the IoTeX Blockchain (not Ethereum) so what you see in ioPay is IOTX on IoTeX chain (Native IOTX). If you want to send to Coinbase, you need a cross-chain transfer to send them to Ethereum first.

Cross-chain is quite expensive, it’s done through a “bridge network”, IoTeX provides the ioTube bridge for this: iotube.org

2 Likes

Thank you for your response. Looking forward to staking soon!

2 Likes

If you have access to Binance, and you want to withdraw from Coinbase to ioPay, there is a better alternative then going through iotube:

You just withdraw from Coinbase (ERC20) to your IOTX Binance wallet address (ERC20), then from Binance you withdraw to ioPay directly (make sure you input the ioPay address starting from io1, such that Binance understands you want to withdraw to the IoTeX native chain), and you are done: quick and cheap :wink:

If you don’t have access to Binance, then you must do Coinbase->Ethereum Wallet->iotube->ioPay (as WIOTX)->mimo.exchange (unwrap WIOTX to IOTX)

3 Likes

Thank you. That would be easier. Would it matter which Binance is used (u.s. vs non u.s.)?

2 Likes

@zimne Hello. I think I may have sent my converted iotex to the wrong iopay wallet. My 364.4 wrapped iotex went to a different address. I tracked down the other, or incorrect wallet address, using etherscan.

How could I go out about getting it into my iopay wallet?

Thank you

1 Like

Actually, I got the address it went to by looking at the Receiver Address using tube.iotex.io.

It listed my correct MetaMask wallet address, so I assumed it was going into my iopay wallet address.

When I copied the other io address into iopay, it gave a warning about view only but it shows the 364.4 that used to be in my MetaMask iotex wallet.

1 Like

Not sure I understood the situation, in any case keep in mind that the iotube sends the token to the receiver address that you set.

So assuming you set your Metamask address as the recipient, and that you sent to the IoTeX chain, you should simply import that Metamask account in ioPay to get access to it on the iotex chain.

But you don’t have to import the address of the account (that’s a read-only import): delete the one you imported address-only (settings->manage wallets->swipe left to delete)

Then export the private key of the address in Metamask and import it (the private key) in IoPay

1 Like

@zimne

I figured it out! Thank you very much for your assistance!

I just needed to import it by using the key.

2 Likes

Hello. When you use mimo to unwrap and deposit into ioPay and then send it to coinbase, I would have to convert it back into eth by using iotube, correct?
Correct.

Don’t send native IOTX to Coinbase from ioPay: Coinbase only accepts ERC20 IOTX tokens (on the Ethereum network). ioPay is connected to the IoTeX Blockchain (not Ethereum) so what you see in ioPay is IOTX on IoTeX chain (Native IOTX). If you want to send to Coinbase, you need a cross-chain transfer to send them to Ethereum first.

Cross-chain is quite expensive, it’s done through a “bridge network”, IoTeX provides the ioTube bridge for this: iotube.org

[Discourse post]

2 Likes