Coinbase – the largest crypto exchange in the United States – has launched an asset recovery tool that will let users recover over 4000 unsupported ERC-20 tokens sent to the exchange by mistake.
In return for a small fee, the company will send non-supported assets back to user addresses.
- According to a blog post from Coinbase on Thursday, the tool requires only an Ethereum transaction ID in which the funds were lost alongside the mistaken Coinbase address to which the tokens were sent. It does not expose user private keys at any point.
“We did this by using patent-pending technology to send the funds directly from your inbound address without processing the funds through our centralized exchange infrastructure,” said the company.
- Only select ERC-20 tokens are available for recovery – some of which include wETH, TUSD, and STETH. Each eligible asset is required to go through Coinbase’s listing review process.
- According to Coinbase, it is the first major exchange to allow ERC-20 token recoveries at scale, while maintaining the security of its customers’ deposit addresses. Binance does not offer the same service, though it may assist customers on an individualized basis if they’ve lost “significant funds” due to accidental transfers, according to its website.
“We’re reducing the points of friction and focusing on improving usability to better serve and earn the trust of our customers,” added Coinbase.
- The service is still not available in Japan, nor for Coinbase Prime.