Api3 deposit inquiry assistance request - Not Closed

[JDub]

Hello Ugur,
Thank you for your response. The initial withdrawal of API3 tokens from Coinbase, was me purchasing them, to deposit into the API3 staking pool. The investigation you have provided, confirms what I have been stating. (So to summerize:

1. Somebody withdrew ~312.5 API3 to the address “0xee0b0011fbb4e567e65c6ee131282db62912785f” market as “JDub’ account” in your diagram (Transaction 1).
2. “JDub’ Account” then send these funds to the address “0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7” (Transaction 2)
3. “0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7” then continues to send these ~312.5 API3 tokens back to coinbase (Transaction 3)) only reiterated to what I have said. 0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7 – Address hash that received my API3 tokens.)

Please see my account of transactions below:

• I initiated the smart contract directly, by sending request to deposit API3 tokens. My error.
• Smart contract asked permission to withdraw tokens, and after I consented. The Smart Contract sent my API3 tokens to Entity (0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7) from my wallet.
• Entity then sends Eth to Coinbase, and my API3 tokens to the Smart Contract which appears to be owned by Coinbase (0x3cd751e6b0078be393132286c442345e5dc49699).
• So my API3 tokens are currently in the API3 smart contract.
• Eth sent to Coinbase may be to initiate a portion of already mentioned Smart Contract, to make it a Smart Contract between API3 and Coinbase. Allowing for the use of the different tokens held in the smart contract
• I believe I understand your perspective. Being that I did not go through the proper method of having my API3 tokens deposited into the correct staking pool. The Smart Contract I did deposit my tokens into, is unable to account for my tokens, and therefore have vanished.
• My perspective is, although I mistakenly sent my API3 tokens to the incorrect smart contract. The information shows the API3 tokens did not “vanish”. The tokens are currently sitting in the smart contract; but they are being accounted for in the relationship the smart contract has with Coinbase.
• I can seen the current value of the smart contract, and the different cryptocurrencies it holds.
• Whatever the relationship between the smart contract and Coinbase. I am guessing that the API3 organization may receive revenue from Coinbase for the usage of the tokens there.
• I am asking that although you may not be in direct possession of my API3 tokens in the smart contact. Your organization can still return the value of my API3 tokens to me. You cannot say because you are unable to withdraw them from the smart contact (after we both agree that is where they are), that you still are unwilling to return my API3 tokens to me.
• You are currently receiving compensation for them being in the smart contract relationship you have with Coinbase (posted on API3’s website, not Coinbase’s). So your organization would need to account for them legally.
• I like your organization, and want to see it succeed (hence the reason I’ve held onto my API3 tokens for this long). I would rather you just send me back the equivalent API3 tokens, and you keep getting paid from the API3 tokens I erroneously sent directly to the smart contract. Please… But, If necessary. I will seek legal alternatives; advising that I I can point to where my tokens have gone, and that they are being used for your benefit without my consent.
• If you are unable to further assist me with my request, or are unable to speak on the information provided. Then I would request to be contacted by someone in your organization, that Is more aware to what I am referring to. If otherwise, your organization still will not comply to my request. I will seek an alternative course of action, for resolution.
  
  

Thank you for your time,

JDub

[UgurMersin]

@JDub

• Smart contract asked permission to withdraw tokens, and after I consented. The Smart Contract sent my API3 tokens to Entity (0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7) from my wallet.

No. You send these tokens to another address by simply calling a standard “tranfer” function of an ERC-20 token. It was initiated from your address with the parameters as you can see in the picture. Nobody else can initiate this transfer for you. It was signed and executed by your address.

@JDub

• Entity then sends Eth to Coinbase, and my API3 tokens to the Smart Contract which appears to be owned by Coinbase (0x3cd751e6b0078be393132286c442345e5dc49699).

If this wallet isn’t you, then you send some “rando” your tokens, and that person continued to send them to coinbase. we have no influence over what coinbase does and what the person you send your tokens to does.

@JDub

• So my API3 tokens are currently in the API3 smart contract.

Again, no. This is not an API3 smart contract. It is quite literally labelled “Coinbase 4” and simply the address on which they hold their customers API3 tokens. This is fully in Coinbases control and we have 0 influence on what they are doing with this.

@JDub

• Eth sent to Coinbase may be to initiate a portion of already mentioned Smart Contract, to make it a Smart Contract between API3 and Coinbase. Allowing for the use of the different tokens held in the smart contract

This point makes absolutely no sense and i’m unsure what you’re trying to tell me. The flow is still that you have send your tokens to a (what appears to be) random address. This person then send them to coinbase (i presume to cash out since they got free tokens from you).

@JDub

• I believe I understand your perspective. Being that I did not go through the proper method of having my API3 tokens deposited into the correct staking pool. The Smart Contract I did deposit my tokens into, is unable to account for my tokens, and therefore have vanished.

Yes, because again, that address (not smart contract) is Coinbase owned and you obviously have no association to it, since you have not send the tokens there. The person (0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7) has done that.

@JDub

• I can seen the current value of the smart contract, and the different cryptocurrencies it holds.

Yes, it is possible to verify the tokens that address labelled as “coinbase 4” holds.

@JDub

• Whatever the relationship between the smart contract and Coinbase. I am guessing that the API3 organization may receive revenue from Coinbase for the usage of the tokens there.

There is no relationship between Coinbase <> API3 in any form. Coinbase independantly decided to list the API3 token on their exchange. We are not receiving any revenue from them nor have any “deals” in place.

@JDub

• I am asking that although you may not be in direct possession of my API3 tokens in the smart contact. Your organization can still return the value of my API3 tokens to me. You cannot say because you are unable to withdraw them from the smart contact (after we both agree that is where they are), that you still are unwilling to return my API3 tokens to me.

The reason we are “unwilling” to return your tokens to you is that we are not in the possession of them, nor know any party, or have juristition of any party being in possession of your tokens. You have sent your API3 tokens to a random address, and that person deposited them on coinbase. How are we supposed to help you here or even compensate you for your own mistake?

@JDub

• You are currently receiving compensation for them being in the smart contract relationship you have with Coinbase (posted on API3’s website, not Coinbase’s). So your organization would need to account for them legally.

Again, there is no relationship between Coinbase <> API3 in any form. We have no influence over their decision to list the API3 token, nor can we prevent them from doing so. If your tokens appear to be stolen (or misend by you to a random person), i would take this up with the customer support of coinbase, since this person was so “nice” and deposited them back to coinbase (they should know who it is).

@JDub

• I like your organization, and want to see it succeed (hence the reason I’ve held onto my API3 tokens for this long). I would rather you just send me back the equivalent API3 tokens, and you keep getting paid from the API3 tokens I erroneously sent directly to the smart contract. Please… But, If necessary. I will seek legal alternatives; advising that I I can point to where my tokens have gone, and that they are being used for your benefit without my consent.

Again, if i could help you, i would. Why would i screw around because of 312.5 API3 tokens? Can we think this through logically for one second? You appear to be misuderstanding what exactly occuring and somehow are under the perception that we’re trying to scam you out of ~600$ worth of tokens. We are not in control of your tokens. We have no relationship to coinbase. We can’t control a random address you have decided to send your tokens to.

@JDub

• If you are unable to further assist me with my request, or are unable to speak on the information provided. Then I would request to be contacted by someone in your organization, that Is more aware to what I am referring to. If otherwise, your organization still will not comply to my request. I will seek an alternative course of action, for resolution.

Like i mentioned in this very long post. There is unfortunately nothing API3 can do for you here. You can seek alternative courses of action for resolution, but i will just again underline that you are grossly misunderstanding what happened on-chain. The facts are pretty straight up on-chain.

I really wish i could help you any further here, but what it boils down to is pretty simple.
You’ve send your tokens to a random person. That person send them to coinbase and most likely cashed them out. You can take this up with coinbase, since they will know who “0xb0f7bfd11bacd0df08c0ba782b3ec9e4f19aa2a7” belongs to, but we, as API3 have no ability to help you, or randomly compensate you for something that has nothing to do with us.

All the best,
Ugur