1inch exchange lost some of my funds, admitted it, but said it was my fault.

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1inch exchange lost some of my funds, admitted it, but said it was my fault.

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%.

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.

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.

https://imgur.com/Fi0XjQc

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%.

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.

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.

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: https://imgur.com/HFUSNbp. A BTC is going for ~52.4k at the time, while 1inch's rate was 56.9k.

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.

submitted by /u/RyanLaserbeam
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