Have you ever sent a token you thought was supported to your Coinbase exchange account, only to find out it wasn't? If it was an ERC-20 token, you might now be able to recover it. Coinbase has announced their new ERC-20 asset recovery tool.
What You'll Need, and Need to Know
The asset recovery option for ERC-20 is a self-service tool users can access to attempt to retrieve their mistakenly sent tokens. You'll need the following:
- The Ethereum TXID for the transaction where the asset was lost.
- The contract address of the lost asset.
- A custodial wallet (like the Coinbase Wallet) to send the lost funds to.
Is There a Catch?
Not all ERC-20 assets are currently eligible for recovery. And while assets that are estimated to be worth under $100 can be recovered for free, anything above that amount will be subject to a 5% recovery fee.
Conclusion
I use Coinbase occasionally as certain apps I use only support withdrawals to that particular exchange; and, of course, I participate in the Learning Rewards when available. I'm not likely to need this tool at the present time, but it's a very interesting step forward in an ecosystem where missteps taken during the sending and receiving process usually mean the funds are lost forever.
What about you? Are there assets on Coinbase you've lost that you'll try to recover? If so, let us know how it goes!
NEW: I'm now on Torum! Feel free to give me a follow (@valdyr) to keep up on all of my crypto articles!
Valdyr is a "crypto-curious" blogger living in Texas with her husband and their ancient dachshund, Henry. When she's not working as an audio/visual technician or stagehand, you'll frequently find her traveling, hiking or enjoying a good craft beer. For more reading, check out www.laurahofford.com/blog/
