Companies
Coinbase Launches Asset Recovery Tool for Users
In a bid to help users recover mistakenly sent tokens, Coinbase cryptocurrency exchange has launched an asset recovery tool which will enable users to move unsupported assets from their inbound address to self-custodial wallets without compromising their private keys.
The recovery tool tagged ‘ERC-20 self-service asset recovery tool’ is powered to allow customers to retrieve over 4000 unsupported ERC-20 tokens. This is a new development as it will aid recovery of initially unrecoverable funds.
Introducing Coinbase’s new ERC-20 self-service asset recovery tool. A safe, simple, and secure way for our customers to recover almost 4,000 unsupported ERC-20 tokens. pic.twitter.com/YsszqPJ7EH
— Coinbase (@coinbase) December 15, 2022
However, the exchange maintained that users only need to provide the Ethereum TXID address and the contract address of the lost asset. The recovery process is applicable to certain ETC-20 tokens like Wrapped Ether (eETH), TrueUSD (TUSD), and staked Ether (STETH).
All you'll need is the transaction ID and wallet address for any lost funds. This will be available for all users soon.
See how to recover your funds 👇https://t.co/PnXeq6IeWY
— Coinbase (@coinbase) December 15, 2022
Meanwhile, there will be a flat 5% charge on every transaction above $100. Thereafter, users will be able to recover mistakenly sent funds back to their Coinbase wallet or any other self-custodial wallet.
Coinbase clarified that the breakthrough of the asset recovery tool was made possible through the adoption of patent technology.
Ugly Consequences of Mistakenly Transferred Funds
There is no mincing word that the breakthrough will put an end to the age-long phenomenon of mistakenly transferred funds. Recall in 2018 that a Canadian court ruled that a user who received 530 Ether instead of 530 Copytrack (CPY) tokens – now defunct – was mandated to refund it.
In the same vein, an Australian judge made a related pronouncement in Aug. this year mandating two Melbourne women, Manivel Thevamanogari and her sister Gangadory Thevamanagari to return $10.5 million mistakenly received from Crypto.com instead of $100.
It is noteworthy that another leading crypto exchange Binance has disclosed on its support pages that it might be willing to assist victims of mistakenly transferred funds based on its discretion. The exchange said that it is not offering token recovery service.
On the other hand, Crypto.com has urged users to contact its customer service department should they need help with token or coin recovery.
