iotexproject/iotex-desktop-wallet

My funds re-routed

Closed this issue · 6 comments

andrewlee1985 commented

My funds re-routed. I entered a clear address for the ether network to go into my coin base and their phones transferred into a different network and are now stuck there and I cannot get them please return my coin or money

simonerom commented

Hi @andrewlee1985,
unfortunately, in a wallet token transfer, it's not the recipient address that determines the destination network, rather the tokens never leave the network where they are defined: you simply transfer the ownership of those tokens to the recipient address on the same network where the tokens are.

Now, assuming you used ioPay for your token transfer to coinbase, you were dealing with IOTX tokens on the IoTeX Blockchain, therfore you transferred them to the Coinbase address as a recipient on the IoTeX Blockchain. Coinbase does not support the IoTeX blockchain, but only the Ethereum Blockchain, that's why your IOTX will not show up in your Coinbase deposit address.

The fact that you see a "different" address in iotexscan.io does not mean your tokens have been re-routed, simply that's the IoTeX native representation of the recipient address, but it's the exact same address you input in your transaction. In iotexscan.io just 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:

image

When you make a token transfer, before proceeding, you must always ask yourself 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, the transfer will happen anyway, just it will happen in the source network (as long as the recipient address is a valid address also for the source network).

This "network check" is often overlooked by inexperienced blockchain users, and most of the time this ends up with them losing their funds: in fact, your funds are now owned by the Coinbase recipient address (for which you don't have the private key) on the IoTeX blockchain (which Coinbase does not support), so basically you lost access to the tokens.

Technically Coinbase could send them back, in practice they don't provide this service. We can only hope that if they support the IoTeX Blockchain in the future you will get access to your tokens on their platform in the future. We re always available in our community channels to provide help, if you are unsure about any IoTeX-related operation please ask a brand ambassador in our Telegram: https://t.me/iotexgroup, or send an email to support@iotex.io, or post in our support forum on https://community.iotex.io/c/ecosystem/support/62

Best

andrewlee1985 commented
simonerom commented

Unfortunately, this is the situation. Coinbase trades and expects IOTX tokens on the Ethereum blockchain (ERC20 tokens), while you owned tokens on the IoTeX blockchain, which you transferred to the Coinbase address, but they are and will always live on the IoTeX blockchain. Technically, are two different tokens, in two different networks.

andrewlee1985 commented
retirecrypto commented

The same thing happened to me and I was able to copy the iotex wallet it was sent to and create an account on IOTEX.io however, I am not able to do anything with it. I tried to stake it but the stake button is grayed out and I cannot send it to another wallet. I found the address after clicking on my withdraw transaction. This probably doesnt help but I am also looking for help to better use my IOTEX token to stake or transfer to another wallet that excepts XRC20 tokens

jrynkiew commented

The same thing happened to me and I was able to copy the iotex wallet it was sent to and create an account on IOTEX.io however, I am not able to do anything with it. I tried to stake it but the stake button is grayed out and I cannot send it to another wallet. I found the address after clicking on my withdraw transaction. This probably doesnt help but I am also looking for help to better use my IOTEX token to stake or transfer to another wallet that excepts XRC20 tokens

If you need support on this topic, contact support@iotex.io by e-mail. These issues have nothing to do with iotex-explorer.