Coinbase expands asset recovery tool to Polygon and BNB chain

Crypto exchange Coinbase will soon allow users to return lost assets to unsupported blockchains on the platform, including BNB Chain and Polygon.

According to the February 27 announcement, users who have sent assets to Coinbase accounts on BNB Chain or Polygon will simply need to provide their transaction ID and the incoming Coinbase wallet address for the assets to be returned.

“Historically, these assets were unrecoverable, in part because our employees and support channels were unable to obtain the private keys needed to reverse these transactions.” Coinbase.However, retrieving the lost crypto in that amount costs a 5% commission.

As for normal users, the wallets of crypto exchanges are typically multisig with automatic technical support for multiple blockchains and assets, although the exchanges do not support tokens or networks on the user interface for reasons such as regulatory compliance. While mistakenly sent assets are theoretically recoverable, recovering them requires a lot of time, effort, and coordination from senior executives who manage multiple Sig wallets. Cointelegraph in 2016 As reported in 2022, at which time, Binance will charge $500 for each recovery of mistakenly sent crypto assets.

Since its inception, Coinbase's recovery tool has recovered $160 million worth of lost digital assets from the Ethereum blockchain. There are currently around 3,000 ERC-20 tokens that were mistakenly sent by BNB Chain to Coinbase and 800 tokens that were sent via Polygon.

“We are constantly exploring and expanding the scope of this feature to support additional assets and networks,” Coinbase wrote. “Due to the technical complexity of recovering unfunded assets, we cannot guarantee that any particular asset will qualify in the future.”

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