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I am new to crypto. I understand that I will probably never get my money back, but I would really just like to understand how/why this happened.

My friend sent me ETHER from a coinbase mobile wallet to my metamask wallet from the address: 0xddfAbCdc4D8FfC6d5beaf154f18B778f892A0740 last month. I wanted to send it back to him from my metamask wallet, so I figured I would send it back to that same address that he originally sent me the money from. The weird part is that he can't find a wallet that has that address and he didn't see the funds transfer into his account, and when I checked the transaction on Etherscan and clicked on the address, it looks like this account has more than 33,364 Ether and is named "Coinbase 3.

Why is this wallet address getting all of these transactions? I assume I am not the only one that this is happening to. I'm bummed. Thankfully only out $160 dollars, but that's a lot of money for me. Any advice or explanation would ease my mind. Thanks

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Coinbase 3 is a hot wallet for coinabase exchange where ONLY withdrawals of crypto takes place. If you want to deposit crypto in coinbase, there is different ERC20 address for every user. Every address is controlled by coinbase. So next time if you get any amount from hot wallet of any CEX, don't send funds to it.

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  • But the Exchange should have the keys to that wallet. Meaning they could return that ETH to him (minus the gas fee)
    – Sky
    Jul 9, 2022 at 16:26
  • in theory, yes, but in reality they most likely won't even consider that unless the amount is very big. It would be basically an internal security breach for them to use the wallet for something they haven't planned to use it for. Jul 9, 2022 at 16:33

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