USDC to ETH Transaction within wallet processed but didn't exchange

Wallet address is: 0x159acC66D4BeC23125eAb651347Fe1F4E7Ab5E40
Completed this transaction: 0xde4931db272f3cc34d25f1716bf7c3357266b45200272f053c3ae3071824d2f7

Instead of the USDC converting to ETH as anticipated based upon indication in the message, it simply debited the cost for the transaction from my ETH balance and did not change/move the USDC into ETH. Ended up driving down my ETH balance by like $30, but my funds are still showing as USDC. Now, I’m out both the money, and I’m still stuck with USDC.

Thank you for your assistance in advance on how to fix/remedy this.

Hey @St_Maur, welcome to the MetaMask community! :fox_face:

This actually does not look like a swap transaction. From the transaction hash you sent, it looks like this was a transaction of ETH sent to your same wallet address.

If you would like to make a swap, here is more information about MetaMask swaps on our Knowledge Base:

If you’re unable to make this kind of move in the wallet, then why does it allow it to happen, and what is it charging you for? My understanding was that I was sending the USDC to myself in the form of ETH, and that was the cost of the move/transaction. If you’re saying this isn’t possible, then it seems like there needs to be some kind of brake/prohibition in MetaMask for these kinds of moves. The pricing, transparency, etc. you’re paying for is completely opaque with this tool. How does one go about getting reimbursed for a transaction that never did/could happen?

Can you clarify what you were trying to accomplish?

You are able to swap from ETH to USDC and from USDC to ETH by using a swap application, such as MetaMask swaps. This can be done within the MetaMask wallet or with a third-party swap platform. The charge from the transaction was not from MetaMask, but from gas fees required by the network.

Here is more information on our Knowledge Base:

I guess I’ll start from the beginning as this has been one of the most frustrating overall financial experiences I’ve ever had. I began with transferring $100 into my Coinbase account from my bank using an ACH. There was no fee for this. They defaulted as USDC which is a stable coin equal to $1.

Once the funds were in my Coinbase account, I wanted to transfer them to my MetaMask account as ETH to be used. I first tried to convert those funds in Coinbase to ETH prior to moving them, but the fees I was being quoted exceeded my measly $100 which I didn’t understand.

Then, I tried to simply transfer the funds into MetaMask as USDC directly which cost close to $12, but it was much better than the other quotes I was getting, so I did this leaving $88 some odd dollars as USDC in MetaMask.

Once in my MetaMask account, I once again tried to do the swap in MetaMask using the swap button. However, I was back to being quoted fees that were in excess of the total amount which meant that I would owe money just to complete the swap! Therefore, the money has just sat in the account after several attempts. I even tried to move the USDC back to Coinbase for a fee similar to what I paid originally effectively costing me 25% of the money, but at least I could use it again. However, I was back to the fees exceeding the transfer amount. How is it possible that I can move money from Coinbase to MetaMask for ~12%, but to do it the other way would cost more than 100% of the transfer amount!?

This last step is the one I started with here. Since there was a send option in MetaMask, I used my wallet address from which it said I could send the money to the wallet as USDC to ETH, and the fee it was charging me was like $25. Again, eating up more than a third of my original $100, but at least I could use the money as ETH. However, instead of sending the funds as ETH, it simply debited the fees from my ETH amount, no transfer actually took place, I’m down the $25 fee, and I STILL have $88 of USDC from which I can’t seem to use/get access to under any circumstances!

Like I said, I’ve never seen anything like this where the fees are so excessive that you can’t move, transfer, or do anything with your own money! There are no clear disclosures, explanation of fees, clear communication on what’s happening, or anything!

All I really wanted to do was transfer $100 from Coinbase to MetaMask as ETH to use it for purchases. Now, I’m essentially out more than $125 at this point due to this completely opaque system. I just need somebody to help me recover/access my funds. None of these topics being provided explain how to do this easily or cost effectively as the costs are neither clear nor disclosed up front in an understandable manner to avoid mistakes, errors, or losses. If what I was trying to do was never possible in the first place, then it shouldn’t have indicated that I was converting USDC to ETH utilizing the send to a wallet, email, etc. option in MetaMask. This is a tool/systematic failure of MetaMask due to a lack of sufficient controls/safety measures being in place.

Sorry to hear about all the troubles @St_Maur, I will do my best to explain.

The fees you are referring to are gas fees. Gas fees are fees required to send transactions on the blockchain, and are not fees charged by MetaMask or Coinbase itself. Due to network demand, gas fees can be very volatile and be very high at times. Because of this, gas fees should always be taken into consideration when making transactions. Here is more information about gas on your Knowledge Base:

The send option in MetaMask is simply a transaction to send your tokens to another address, it is not for swapping any tokens. There is a separate option for swaps. If you have USDC in your wallet and you use the send option, it will send as USDC. If you would like to swap your USDC to ETH, you can use the swap option, not the send option. You can learn more about all of this in this article on our Knowledge Base:

Please keep in mind that MetaMask is a non-custodial wallet, meaning you hold custody of your assets and are personally responsible for them. All transactions on the blockchain are irreversible, so tokens cannot be refunded and transactions cannot be reversed.

This topic was automatically closed after 30 days. New replies are no longer allowed.