If IOTX refunds the coins I lost in Coinbase

IOTX support, just so that you see that I’m serious about your project I’m willing to do something. If you refund the coins that Coinbase lost, I will double them and stake the whole amount for one year. What do you think?

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Request #2902 “Support for Native IOTX coins on…” was closed and merged into this request. Last comment in request #2902:

Is there a way to enable IOTX native coins on the Coinbase Wallet App? Not the Coinbase platform where every body buys coins and tokens but their version of a separate wallet. I believe that if the native IOTX coin is enabled on that wallet, all customers suffering from lost coins would be able to retrieve them form their coinbase managed wallets on the coinbase platforms. Please let me know!

[Discourse post]

Hi Frank H​,

Thank you for writing in.

Unfortunately, when you make a token transfer/withdrawal, it’s not the recipient address that determines the destination network, rather the tokens never leave the network where they currently are: you simply transfer the ownership of those tokens to the recipient address, on the same network where the tokens already are.

Now, if you used ioPay, crypto.com, Metamask (connected to IoTeX), then you were dealing with IOTX tokens on the IoTeX blockchain, and you transferred them to the recipient address on the IoTeX Blockchain itself. If you sent to Coinbase (or any other ERC20 deposit address), your IOTX will not show up in your deposit address, because they are on the IoTeX blockchain while the recipient was waiting on a different blockchain(Ethereum).

Please notice that you may also see a “different” recipient address in https://iotexscan.io if you check your transaction: that does not mean your tokens have been re-routed to a different recipient, simply that’s the IoTeX native representation of the recipient address, but that’s the exact same recipient address you input in your transaction.

In fact, in iotexscan.io you can switch the address representation to the “0x” format in the top right of the menu bar and you’ll see that’s the same address:

So, in the future, when you make any token transfer, before you confirm the transaction, you must always ask yourself two things:

  1. what network the tokens I’m sending are on? and
  2. what network the recipient expects the tokens to be on?

Only if these two networks match you can safely make the transfer. If they don’t match, notice that the transferalways happen, but because the tokens are in a different blockchain the recipient will not “see” them.

This important “network check” is often overlooked by inexperienced blockchain users, and most times it ends up with a loss of funds: in fact, your funds are now owned by the deposit address of the exchange (for which you don’t have the private key) on the IoTeX blockchain (which the exchange does not support for that deposit address), so basically you lost access to the tokens.

Technically the exchange could send them back, in practice none of them provides this service. If you sent to Coinbase, we can only hope that they will support the IoTeX Blockchain in the future and you will get access to your tokens on their platform in the future.

We are always available in our community channels to provide help: if you are unsure about any IoTeX-related operation, before you go ahead, please ask a brand ambassador in our Telegram: https://t.me/iotexgroup, or send an email to [email protected], or post in our support forum on https://community.iotex.io/c/ecosystem/support/62

Best

I will do the same, I will double my coins and stake.

This topic is closed. If you need further help, please post another issue with specific details regarding your case.

I would like to thank the support person that wrote back because it seems like he/she took the time to write.

What you wrote just explains the process of what happened with our transactions which unfortunately I like many others had to learn the hard way. Ever since this error occurred I had to do my own research to figure out what happened and through reading other posts and researching online you just confirmed that what I found out on my own was right. So thank you for your explanation. Not only did you explain in detail what I already knew (no thanks to you) but you also insulted us by blaming us for the mistake calling not only myself but a number of others “Inexperienced block chain users”. Yes, we made a mistake and we may be inexperienced but it was totally unnecessary to call us out like that. Not only are we feeling down because we might have lost a lot of our funds but on top of that you blame us and insult us. Way to go with customer service. These are the people who are buying and investing in your coins, your company and your project and I know that you are probably thinking that I really don’t care about the project and the only thing I wanted was to make a profit but either way I, like others bought the coins and it helped in one way or another.

You failed to answer the two questions that I asked and to be honest with you, if you would have just said, “I’m sorry Frank Hernandez but we can not refund your coins.” and “We are sorry Frank Hernandez but we don’t think your idea will work”. I would have been more content than with your condescending explanation.

Thank you so very much for caring for your customers. I thought that at least here we could get some help but this forum and your customer service is no better than Coinbase’s.

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Coinbase owes us all alot of money this is bullshit.
Has anyone got a hold of a lawyer yet?

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