Coinbase, a crypto exchange, to allow users to recover lost assets sent to the platform’s unsupported blockchains, including BNB Chain and Polygon, among others, stated Cointelegraph.
With insights from a February, 27, 2024 announcement, users transferring assets to Coinbase accounts on BNB Chain or Polygon need to provide their transaction ID. They are also expected to inbound Coinbase wallet addresses for the assets to be recovered.
“Historically, these assets have been unrecoverable, in part because our employees and support channels don’t have access to the private keys needed to reverse these transactions,” Coinbase explained. It is believed that for assets under $100, no fee will be charged for recovery efforts by Coinbase and a commission of 5% will be made for retrieving lost crypto.
Sources revealed that Coinbase’s recovery tool recovered digital assets worth $160 million from the Ethereum blockchain. It is believed that around 3,000 ERC-20 tokens were mistakenly sent to Coinbase through BNB Chain. Furthermore, about 800 such tokens were exchanged through Polygon, concluded Cointelegraph.
(With insights from Cointelegraph)
