Coinbase Expands Asset Recovery Tool to Polygon and BNB Chain
Date: 2024-02-28 Author: Dima Zakharov Categories: IN WORLD
Coinbase Expands Asset Recovery Services
Cryptocurrency exchange Coinbase has announced its plans to extend its asset recovery tool to encompass BNB Chain and Polygon. This move aims to facilitate users in retrieving lost assets inadvertently sent to unsupported blockchain networks.
Simple Recovery Process
Users who have mistakenly sent assets to Coinbase via BNB Chain or Polygon will only need to provide their transaction ID and Coinbase wallet address to initiate the recovery process. Previously considered irretrievable, these assets can now be recovered, a relief for users facing such mishaps.
Fee Structure
For assets valued under $100, Coinbase will not charge a recovery fee. However, a 5% fee will be levied on the recovery of lost cryptocurrencies exceeding this threshold. This fee structure aims to balance the costs associated with the recovery process.
Technical Support and Multisignature Wallets
Coinbase, like other cryptocurrency exchanges, typically operates multisignature wallets with automated technical support for various blockchains and assets. Even if certain tokens or networks are not supported directly on the exchange's interface, efforts are made to recover assets compliant with regulatory requirements.
Complex Recovery Process
While theoretically possible to retrieve erroneously sent assets, the recovery process often demands significant time, effort, and coordination, especially involving senior executives overseeing multisignature exchange wallets. Previously, Binance charged a fee of $500 for each retrieval of mistakenly sent crypto assets in 2022.
Historical Retrieval Efforts
Since its inception, Coinbase's asset recovery tool has successfully retrieved $160 million worth of lost digital assets from the Ethereum blockchain. Presently, around 3,000 ERC-20 tokens mistakenly sent via BNB Chain and 800 tokens via Polygon await recovery on Coinbase.
Coinbase's expansion of its asset recovery tool marks a significant step towards enhancing user experience and security within the cryptocurrency ecosystem.
