One of the largest crypto exchanges launched a new tool allowing users to recover mistakenly sent crypto assets.
Coinbase, a cryptocurrency exchange established in 2012 by Brian Armstrong and Fred Ehrsam, has launched the ERC-20 asset recovery tool.
According to the blog post shared on December 15th, the new tool will allow users to “recover almost 4,000 unsupported ERC-20 tokens.”
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The tool will aid those customers who have mistakenly sent unsupported tokens to their Coinbase address. Based on the blog post, to recover mistakenly sent assets, users need to know “the Ethereum TXID for the transaction where the asset was lost and the Coinbase address where the asset” was sent.
After recovering their funds, users can move them to their Coinbase Wallet or any self-custody wallet.
In the blog post, the company highlighted that before transferring funds to a self-custody wallet, users will be asked to prove their ownership. On top of that, Coinbase emphasized that transfers will be made “without exposing <user> private keys at any point.”
It is worth noting that users will be able to recover only the selected ERC-20 tokens on the Ethereum base layer, including wrapped Ethereum (wETH), TrueUSD (TUSD) and Lido Staked Ether (STETH). Regarding the matter, Coinbase added:
We’re investigating expanding the scope of this feature to support additional assets. Due to the technical complexities surrounding the recovery of unsupported assets, we can’t guarantee that any particular asset will be eligible in the future.
Crypto exchange Coinbase claims that it is not charging recovery fees for recoveries worth less than $100. On the other hand, for recoveries worth more than $100, customers will have to pay a 5% recovery fee to cover “development and maintenance costs for the service.”
The company ended its blog post by stating:
Our mission at Coinbase is to increase economic freedom in the world, and we are continuing to invest in tools like this as the most trusted platform for buying, selling, and exchanging digital assets.
It appears that companies can also mistakenly send crypto to their users. Last year, Crypto.com transferred $10.5 million to its Australian user while attempting to refund the person $100.
