Leading crypto exchange Coinbase has announced the launch of its asset recovery tool, which enables users to recover up to 4,000 unsupported ERC-20 tokens.
Previously, users who sent tokens not registered on the Coinbase Ledger were at risk of not receiving them in their wallets. As a result, the funds remained unrecoverable since Coinbase does not have access to the private keys needed to reverse the transactions.
In an effort to help customers recover their funds independently, Coinbase said on Dec. 15 that it has developed a self-service recovery tool for ERC-20 tokens.
“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,” Coinbase said.
Eligible Coinbase users can easily redirect 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 (TXID) of the lost asset and the Coinbase address where the asset was lost.
At the moment, the recovery tool provides support for up to 4000 selected ERC-20 tokens including Wrapped ETH (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 roll out in the coming weeks, but will not be available for Japan or Coinbase Prime users.