Missing transaction in coinbase from Crypto.com

At least crypto.com actually has a live customer service rep. Coinbase has no support at all except for filling out forms and receiving automated emails. The responsibility here is more on IOTX leadership and Coinbase. Neither make it clear that there are two tokens with the same ticker symbol from the same company that are totally different. No one thought that this would cause confusion even with advanced trader.

I have all my transaction info including hash key so I can prove it’s my transaction and it can be retrieved. The problem is none of these guys from IOTX would help because they can just take those tokens back with the corresponding dollar value. It’s freaking highway robbery if you ask me.

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Coinbase has private key of exchange wallets, and in Ethereum or IoTeX Network key is the same. They must resend back our token, I’m ready to pay fees for this but not to lose all my money. If they don’t help I’ll in legal way

Sounds like a Class Action lawsuit. There are so many victims of this gross negligence by IOTX leadership and Coinbase. Seriously, all they have to do is add a warning that there are two IOTX trading at different platforms and they can’t be transferred. I’m in if we’re suing.

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I’ve got my info as well from my transaction. It did go from Crypto.com’s “io” wallet to another “io” wallet, which is on the iotex blockchain and I’m sure it would be a simple task for someone to get them and send them back to the wallet that they started in. The problem I am having is there is no way to contact someone at IoTeX to discuss it.

I’ll ask my attorney about it today! He’s expert in electronic frauds etc!

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You are right brother let’s take it to the social media raising the voice only can solve this problem we have tons of people adding in this group having the same problems,

Looks like a scan to me

Let’s sue…whom to blame iotx!? Crpto.com? Or coinbase,

I am guessing all of them!

Hello everyone,
we are sorry for the late answer here. Unfortunately, the recent issues with the IOTX price gap between Coinbase and the rest of the market led to many users trying to send their IOTX to Coinbase, which resulted in the loss of their tokens.

The reason is simple, and it’s that Coinbase listed the ERC20 IOTX token, while the rest of the exchanges and wallets just support the native IOTX token (IoTeX has run on its own blockchain, for almost 3 years now): so if you send IOTX from basically any wallet or exchange to Coinbase, you are sending on the IoTeX network, while Coinbase only supports IOTX on the Ethereum network.

So your IOTX will never show up in your Coinbase (ERC20) deposit address and there is nothing we can do on our side (the recipient address is owned by Coinbase). In theory, Coinbase could return the tokens, but this is something that (maybe) they will do once they support the IoTeX Native chain in the future. This is up to them anyway.

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Finally we get someone from IoTex to say something! Thank you for responding but I have a question for you. If Coinbase doesn’t support the native coin, then why is an IoTex address created for the transfer instead of just blocking the transaction? To me that looks like a flaw in the IoTex system so in theory Coinbase is not the only one to be held responsible. Can you explain that to me please?

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Finally we get someone from IoTex to say something! Thank you for responding but I have a question for you. If Coinbase doesn’t support the native coin, then why is an IoTex address created for the transfer instead of just blocking the transaction? To me that looks like a flaw in the IoTex system so in theory Coinbase is not the only one to be held responsible. Can you explain that to me please?

[Discourse post]

Somewhere along the way, when you guys decided to publicize your Coinbase listing, your PR/marketing person should’ve advised that having the same ticker symbol would cause major confusion, especially since Coinbase is used by many newbies.

Even the ones who aren’t noobs were also confused because it’s not like exchanges are labeling every token with what’s native and what’s ERC. I mean even Bitcoin when it forked was called Bitcoin Cash. There are so many native IOTX tokens that are sitting somewhere between crypto hell and crypto heaven.

What is even irksome is that we were big supporters of the project, hence, we bought into your project ideas. Perhaps, that was a little premature since no one there thought this whole thing would cause confusion. You could’ve added another X to the end so native and ERC can be identified differently. Y’all are supposed to be geniuses, but obviously lack the practical, street smarts.

To top it off, the native token we purchased is going up and I can see it in my iOPAy wallet, but I can’t do anything with it. It’s kinda like buying an expensive steak dinner at Peter Luger, but all I can do is watch my steak served on a plate. Or going to a strip club — look, no touch.

In any case, this was not a simple oversight. It’s negligent and people got financially hurt. Someone needs to be held liable and accountable.

That said, thanks for the update. You’re very brave and the transparency is appreciated. Therefore, I’m just going to start rebuying native tokens. Hell, with Coinbase.

I appreciate we got a reply, but it’s either they totally didn’t think about simply adding an extra X to the native token or ERC token ticker symbols to differentiate the two or they’re just that stupid and focused on building the project, which I still believe in. It’s just engineers and developers are terrible marketers. Anyone would’ve seen this happen miles away. Hopefully, Coinbase cares enough about their US reputation to just return the transfers.

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I think we all agree that the blockchain technology is in its early days (compared to the potential it has), which means it’s not accessible to everyone: documentation is limited, tools are not user friendly, users knowledge is limited.

Most people think that a blockchain address includes information about a specific blockchain, as if it was created on a blockchain or it belonged to a specific wallet used to generate it: it doesn’t. A blockchain address is just an address, it does not belong to a specific blockchain, ultimately an address is only a huge random number. What blockchain you are sending the tokens to, simply depends on what blockchain your tokens are on: in fact, you do not “tranfer” tokens, you transfer the ownership of tokens to a different address, tokens never leave the blockchain they are on.

And this is part of the fundamental knowledge that any blockchain user should have, otherwise,as some of you observed, they should never leave Coinbase-like portals (i.e. only buy/sell inside their website).

Once you withdraw from Coinbase, you are out of the “user-friendness”, and you get into the blockchain world basically alone. You must know how it works, or you’ll most likely lose your funds. IoTeX tries its best to educate the community, improve their tools, create new tools, but there are infinite ways of losing your funds in crypto, and they cannot be avoided, unless you want to convert ioPay in a enciclopedia of cyrpto with tons of documentation to be read (and understood!) before processing each single operation, from staking, to transfers, to claims, to locking or transferring deposits, using hardware wallets.

If we want to assume “the user doesn’t know anything”, then nothing could be built other than Coinbase-like things: easy for sure, and limiting for sure (you cannot haver ease of use + maximum power at the same time, not at this stage anyway).

Think of Metamask, right? It is the de-facto Ethereum wallet (not exactly a niche network!): from Metamask you can send to any 0x address (and that is also a valid IoTeX address, or Polygon’s, or Binance smart chain’s, etc… any blockchain that uses the same cryptography as Ethereum uses the same format for its addresses).

So how can ioPay or Metamask know that you wanted to send those tokens to a different blockchain other than the one they are connected to? They can’t. The fact that you are using a 0x address as the recipient means nothing in itself.

Once yourtokens leave Coinbase, it’s your responsibility to know what you are doing (that’s why Coinbase exists and is so popular among newbies). You must be aware of the fact that multiple blockchains exist, and the recipient address alone does not tell you anything about the recipient blockchain.

When you transfer tokens from ioPay (or any other wallet app) you should always ask yourself 1) what blockchains my tokens are at the moment? and 2) What blockchain the recipient expect the tokens to be? If those match, then you can safely transfer, if the recipient’s blockchain does not match the sender’s blockchain, your transfer is still valid but the recipient will not see the tokens (because they are on a different blockchain).

If you are unable to obtain this information (what chain your tokens are and what chain the recipient wants the tokens), whether because the recipient is not transparent about it, or you do not understand, you should just stop and ask for support.

I have an answer for the forum support: I think that the best and faster solution is that Coinbase begin to support IoTeX chain now, in this you may have a rule. Why you don’t propose this to Coinbase? Everyone will be happy with a very little effort…

I guess this is something that the community can definitely ask Coinbase. IoTeX does not have any power over exchanges decisions, other than supporting them on the technical side during the integration if requested.

I really appreciate your response but in all that fancy writing explaining what a block chain is, where it is and how it works and pretty much blaming everyone for their own mistakes of not doing the research to see if the blockchains were compatible or not you failed to answer the question unless you just avoided it on purpose with you pages long explanation of: Why is the IoTex address created if we gave the sender a totally different address instead of just stopping the transaction? In the Trust Wallet and other wallets as well, if you try to send an ERC20 Token to a BEP20 address it automatically stops you and tells you the address are incompatible. Why couldn’t the same thing happened in our situation?

Either way, I know that the crypto technology is still fairly new and that systems are not perfect but the fact is the address got changed by either something that is done by Crypto.com to be able to send it out or something that the IoTex blockchain does automatically to be able to receive the coins in its blockchain or something that coinbase does to be able to receive it in their servers and it is **WRONG ** A lot of people have suffered from it and lost thousands of dollars or other currencies and it should not be dismissed by just blaming them for not doing research and being called newbies.

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I’m afraid I can’t understand your question then: what “IoTeX address created” are you talking about, and why should ioPay want to stop your transfer given that the recipient address is a totally valid IoTeX address?

That’s because both addresses are created in Trust wallet and you somehow told Trust wallet you want to use one for BSC and one for Ethereum inside Trust wallet. Otherwise, a BSC wallet address is totally indistinguishable from an Ethereum wallet address (and from an IoTeX/Polygon/ and other EVM compatible network address).

Try sending tokens from your BSC wallet in Trust to the Coinbase ERC20 address and see if it will stop you :wink:

Don’t do that of course!, I’m just making a point here! You’d lose your BSC tokens as well!

I am really glad you are taking your time to answer my replies. I really appreciate it. Nobody has taken the time to do anything at all. But I would like to know one last thing and I’m sure you can answer it because you seem to be very knowledgeable.

Why was the IoTex address automatically generated in the transaction hash if Coinbase doesn’t support it? That is what’s causing the issue. If that address had not been generated the transaction would have been stopped.

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