04-03-2021, 02:31 PM
1inch exchange lost some of my funds, admitted it, but said it was my fault.
<!-- SC_OFF --><div class="md"><p>TLDR: this is a post about my experience with the 1inch exchange and their customer support. They admitted that the exchange somehow lost part of my funds. They say it's my fault because I accepted the number of tokens I received, despite the value of them being shown wrong in the interface, costing me about 20% instead of the stated 3%.</p> <p>Around a week ago, I wanted to participate in the renBTC/1inch farming promotion on BSC. I sold some ETH for renBTC, and the 1inch interface showed me that I will lose about 3% in value. Because the APY of the promotion was nice, I accepted this and provided liquidity.</p> <p>After that, however, I noticed that the value of my liquidity must be wrong. I then investigated the transaction and saw that a large number of coins were lost. With ~2.47 ETH, one could expect to get around 0.075 renBTC at the time, while I got only ~0.0614. I went to look at the transaction, and I clearly saw that things went wrong.</p> <p><a href="https://imgur.com/Fi0XjQc">https://imgur.com/Fi0XjQc</a></p> <p>First, the transaction states that errors occurred and some executions were reverted (see the image). Moreover, if we look at the first token transfer, ETH to USDT, we see that ~130 dollars are lost. I looked at PancakeSwap for the going rates, and this should have only been 0.21%.</p> <p>Second, the swap of USDT to 1inch went very wrong, losing almost 380 dollars in value. Again, I compared this to the going rates on 1inch, and this should have also been a very small fee if I had done it myself.</p> <p>The support on the website ignored me after trying to get an explanation. The support on Discord admitted to me that I indeed got "screwed" by the exchange. I would have gotten more if I did all the transactions by hand. However, because the final amount of renBTC that I received is what I accepted in the interface, the support employee told me that it's my fault. They don't care that the dollar value of the coin was wrong.</p> <p>I tried to explain to them that I'm a human and not a machine; I cannot see that 2.47 ETH is worth more than 0.07 renBTC, and not the ~0.061 renBTC that I received. Especially if the interface states that the dollar values are almost equal, one should be able to assume that this is true. I also have a screenshot that clearly shows the wrong value of renBTC on the 1inch exchange: <a href="https://imgur.com/HFUSNbp">https://imgur.com/HFUSNbp</a>. A BTC is going for ~52.4k at the time, while 1inch's rate was 56.9k.</p> <p>I hope that people can learn from my mistake. Always calculate how much you should receive beforehand (using coingecko or coinmarketcap) and make sure that's what you're getting on the exchange. I don't think this should have been necessary, but apparently, it is.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/RyanLaserbeam"> /u/RyanLaserbeam </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mimjpi/1inch_exchange_lost_some_of_my_funds_admitted_it/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mimjpi/1inch_exchange_lost_some_of_my_funds_admitted_it/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>TLDR: this is a post about my experience with the 1inch exchange and their customer support. They admitted that the exchange somehow lost part of my funds. They say it's my fault because I accepted the number of tokens I received, despite the value of them being shown wrong in the interface, costing me about 20% instead of the stated 3%.</p> <p>Around a week ago, I wanted to participate in the renBTC/1inch farming promotion on BSC. I sold some ETH for renBTC, and the 1inch interface showed me that I will lose about 3% in value. Because the APY of the promotion was nice, I accepted this and provided liquidity.</p> <p>After that, however, I noticed that the value of my liquidity must be wrong. I then investigated the transaction and saw that a large number of coins were lost. With ~2.47 ETH, one could expect to get around 0.075 renBTC at the time, while I got only ~0.0614. I went to look at the transaction, and I clearly saw that things went wrong.</p> <p><a href="https://imgur.com/Fi0XjQc">https://imgur.com/Fi0XjQc</a></p> <p>First, the transaction states that errors occurred and some executions were reverted (see the image). Moreover, if we look at the first token transfer, ETH to USDT, we see that ~130 dollars are lost. I looked at PancakeSwap for the going rates, and this should have only been 0.21%.</p> <p>Second, the swap of USDT to 1inch went very wrong, losing almost 380 dollars in value. Again, I compared this to the going rates on 1inch, and this should have also been a very small fee if I had done it myself.</p> <p>The support on the website ignored me after trying to get an explanation. The support on Discord admitted to me that I indeed got "screwed" by the exchange. I would have gotten more if I did all the transactions by hand. However, because the final amount of renBTC that I received is what I accepted in the interface, the support employee told me that it's my fault. They don't care that the dollar value of the coin was wrong.</p> <p>I tried to explain to them that I'm a human and not a machine; I cannot see that 2.47 ETH is worth more than 0.07 renBTC, and not the ~0.061 renBTC that I received. Especially if the interface states that the dollar values are almost equal, one should be able to assume that this is true. I also have a screenshot that clearly shows the wrong value of renBTC on the 1inch exchange: <a href="https://imgur.com/HFUSNbp">https://imgur.com/HFUSNbp</a>. A BTC is going for ~52.4k at the time, while 1inch's rate was 56.9k.</p> <p>I hope that people can learn from my mistake. Always calculate how much you should receive beforehand (using coingecko or coinmarketcap) and make sure that's what you're getting on the exchange. I don't think this should have been necessary, but apparently, it is.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/RyanLaserbeam"> /u/RyanLaserbeam </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mimjpi/1inch_exchange_lost_some_of_my_funds_admitted_it/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mimjpi/1inch_exchange_lost_some_of_my_funds_admitted_it/">[comments]</a></span>Kind Regards R