Leading cryptocurrency exchange Coinbase has announced the launch of an asset recovery tool that will allow users to recover up to 4,000 unsupported ERC-20 tokens.
Previously, users who sent tokens that were not registered with the Coinbase Ledger risked not receiving the tokens in their wallet. As a result, the funds remained uncollected as Coinbase did not have access to the private keys needed to reverse the transaction.
To allow customers to collect their funds independently, Coinbase announced on December 15th that Self-service recovery tool For ERC-20 tokens.
“Our recovery tool can move unsupported assets directly from inbound addresses to self-custody wallets without exposing private keys,” Coinbase said.
Eligible Coinbase users can easily redirect lost assets to self-custody wallets without disclosing 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.
The recovery tool currently supports up to 4000 selected ERC-20 tokens including Wrapped ETH (wETH), TrueUSD (TUSD), and Stake Ether (STETH).
Assets estimated to be worth more than $100 will be subject to a 5% recovery fee, but assets under $100 will not be charged.
The Coinbase Recovery Tool will be rolled out in the coming weeks, but will not be available to Japan or Coinbase Prime users.