Freewallet uses a "Pool" address, what to do?

Hello, I’ve sent support a few emails regarding this issue as I’ve discovered more about it, but thought I’d post here as well for some more suggestions.

  • Just before posting this I think I found somehow to make it work, but please read on and let me know if you think that’s a reasonable solution :relaxed:

So, I’ve been slowly mining ETH with my gaming PC and sending that to my Freewallet and from there to my Gemini account. I never had any issue and in my Freewallet transactions it looks normal so I never really checked the hashes. Until now.

I installed Accointing and connected my ETH Freewallet address and it reported 0 balance, but I do have some available. So I checked etherscan and it agreed with Accointing. Ummm. What…?

Digging deeper I looked at my Gemini account and the to/from field is blank in my deposits from Freewallet, so there’s no trace of the source when Accointing finds the transactions. I went back to Freewallet and looked deeper and found the hashes for my withdrawals and they’re both from the same address but not my public deposit address that I would have expected. Instead, they’re from a Freewallet pool address with several ETH in it that I do not own.

Now, how in the world will I sort that out?

I think what I’m going to do is take the deposits that went into Gemini that are of unknown origin and just tag them instead of from my Freewallet(that didn’t work anyway, I’ve tried), as “mined”, since effectively they were, and remove my Freewallet sync from Accointing altogether. It isn’t much of a sync really anyway, because Freewallet has its way with my ETH once it goes in.

Does this sound like a reasonable solution? A bit frustrating that I’ve been mulling over this for the last 4 hours, but let me know what y’all think.

I’ve attached a screen shot of the Freewallet transaction history, and a link to etherscan to show how they differ quite a lot. ETH goes in, then goes out and disappears (into a pool) until I want to send it. I can only upload one picture because I’m new, but the details shown on Accointing are identical to the etherscan link below.

And here’s the hash showing the ETH deposit to Gemini actually came from a pool address:

Thanks!
Justin

Your solution sounds reasonable, however, I do have a question. How often does the polled Freewallet send to your Gemini? Because the ETH should really be marked as mined as they are mined. if you take a ton of eth coins mined at different times and send it to your Gemini and then mark them all as mined, the value of the ETH would be different at the time you send your coins than when you actually transact the coins from one wallet to the other.
It stinks that the Freewallet is a pooled address because otherwise this could all be kept track of easily.
For most accurate data, I would see if Freewallet keeps a history of your mined coins and at what time they were mined. Download that data and reformat the data using the Accointing Template. :slight_smile:
image

Well, it’s manual, just as any other wallet, but they (Freewallet) take deposits and move it to their own wallet address where presumably hundreds of people’s deposits are kept together. Initially it was holding in Freewallet a while until I moved it a while later (a couple months for the initial deposit), which I see now as an issue that I can’t really get around. As far as I can tell it’s only bad for me since the value went up in the meantime, so it will be traxed for the value for that move from Freewallet to Gemini as income instead of for the initial deposit from my mining pool to Freewallet and capital gains from there…and I intend to hold it.

I unfortunately just discovered this is what Freewallet does, and I won’t be using them anymore and will mine directly to one of my exchanges. At least it’s not a whole lot of money, but still kinda stinks.

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There are the hashes of my deposits and withdrawals of my ETH to and from FW, and I can dig into them, but I can’t really connect the two accounts that Freewallet effectively uses for me. I have my public deposit address and then there’s the pooled address that my withdrawals come from when I intend to take crypto out. The only way I could link them up would be like this:

Deposit from mining pool to Freewallet
(This shows on etherscan, obviously, when I look up my wallet address)

** Previously invisible-to-me step **
They then transferred some from my deposit address to another address that I don’t own, but FW uses to pool accounts together… :face_with_raised_eyebrow:
(This as I said is invisible to me, unless I look at etherscan with my deposit address and see my coins leave before I took them out)

Withdrawal from Freewallet (the pooled address) to Gemini, or anywhere really…
(I only found out that it was another address other than the one I have when I looked deeper and found the hashes on Freewallet, looked them up, clicked the “from” address link and it has several ETH in it, and is labelled as Freewallet on etherscan.

I’m just going to leave it be, call them mining deposits, get rid of Freewallet and call it a day, it’s not worth the trouble time unraveling everything with all the transaction fees that I don’t immediately see, etc…

Good luck! Sounds like a nightmare to keep track of your taxes accurately in this scenario.
I am hoping that Accointing will support the Helium Network soon so that I can easily mark my mining system accurately. Helium - The People's Network - Please add wallet tracking - #5 by MattLong6