Major cryptocurrency platform Coinbase has introduced an asset recovery tool for users who “accidentally send unsupported tokens” to exchange addresses.
In an announcement on Dec. 15, Coinbase said that users who send any of the approximately 4,000 ERC-20 tokens to a Coinbase address will be able to recover their previously unrecoverable funds by providing “the Ethereum TXID for the transaction where the asset was lost and the contract address of the lost asset”. The exchange said that certain ETC-20 tokens, including Wrapped Ether (wETH), TrueUSD (TUSD), and staked Ether (STETH), will be eligible for recovery with a 5 percent fee for transactions over $100.
“Our recovery tool can move unsupported assets directly from your inbound address to your personal custodian wallet without revealing private keys at any point. We did this using patent-pending technology to send funds directly from your inbound address without processing through our central exchange infrastructure,” Coinbase said.
Many users have been in trouble with inadvertently sent coins since almost the beginning of the crypto industry. In a 2018 lawsuit in Canada, a court ruled that a user who bought 530 Ether (ETH) instead of the now-defunct 530 Copytrack (CPY) tokens must return them. An Australian judge made a similar ruling in a case where Crypto.com mistakenly sent $10.5 million to a user instead of paying back $100.
Ether instead of 530 Copytrack (CPY) tokens — now defunct — was required to return them. An Australian judge made a similar ruling for a case in which Crypto.com mistakenly sent $10.5 million to a user instead of a $100 refund.
Other major exchanges also seem to offer recovery for similar trades on a case-by-case basis. Binance states on its support pages that it can choose to assist users “in its sole discretion” and largely “does not offer a token/coin recovery service”. told. Crypto.com instructs users to contact their customer service department. by giving “In some cases, funding may not be possible,” he said.
Coinbase has more than 100 million users worldwide. CEO Brian Armstrong reported in December that the exchange’s 2022 trading revenue will equate to roughly half of 2021. The platform also reported that law enforcement officials increased their requests for information on criminal investigations.