Coinbase creates self-service recovery of unsupported ERC-20 tokens sent to exchange
Coinbase has announced the launch of its asset recovery tool that enables users to recover up to 4000 unsupported ERC-20 tokens.
Coinbase users will need to provide the Ethereum transaction ID of the lost asset and their Coinbase address to recover their lost assets without exposing their private keys.
Users who sent tokens not registered on the Coinbase Ledger were at risk of not receiving them in their wallets the funds remained unrecoverable since Coinbase does not have access to the private keys needed to reverse the transactions.
According to Coinbase "Our recovery tool is able to move unsupported assets directly from your inbound address to your self-custodial wallet without exposing private keys at any point"
Eligible Coinbase users can easily shift lost assets to their self-custodial wallet without disclosing their private keys.
All a user needs to recover their assets is the Ethereum transaction ID of the lost asset and the Coinbase address where the asset was lost.
The recovery tool provide support for up to 4000 selected ERC-20 tokens including WrappedETH (WETH), TrueUSD(TUSD) and staked Ether (STETH)
Assets estimated to be worth over $100 will attract a 5% fee for recovery while assets under $100 will not be charged.
The Coinbase recovery tool is expected to launch in the coming weeks but will not be available for Japan or Coinbase Prime customers.