The crypto space and it’s defi products are a burgeoning and exciting market ever evolving and exploding, shattering records and crowing new Kings. Whether it be compound finance, aave, yearn finance or any of the up and coming protocols all of it is happening so rapidly. Upon the roll out of compound finance my interests were peeked and it seems overnight everything crypto changed for me! I opened a position with compound utilizing my spare Basic Attention Token (Bat) I was really set back scratching my chin with the high gas costs. I began to look around and found aave and decided to open a position with them. I hastily sent 13.83 Ethereum and watched the interest trickle in. The next day I decided to send my A tokens to my coinbase wallet app and this is where I made my first and only send error since I began investing in May 2017. I mistakenly sent the aave ethereum (aETH) to my coinbase platform exchange wallet instead of my coinbase erc20 wallet.
Coinbase does not support this erc20 asset on its exchange platform. The chances of them ever supporting it is slim at best! Here is there response:
Hello Andrew,
Unfortunately, Coinbase is unable to retrieve this cryptocurrency (aETH) (https://etherscan.io/tx/0xfcd8956db3976ca1aa6114cd4ec49053075b9c2caed64b5a4a8331c72abb3bc2) because we don't currently support it.
For the most up-to-date information about our supported currencies and altcoins, please visit the following help articles:
Supported Cryptocurrencies: https://help.coinbase.com/en/coinbase/getting-started/general-crypto-education/supported-cryptocurrencies.html
Altcoins and ICOs: https://support.coinbase.com/customer/en/portal/articles/2829461-altcoins-and-icos
While there is nothing Coinbase can do to recover these funds for you at this time, if Coinbase ever decides to add this asset to our platform, please reach back out to see if we're able to credit these funds to your account.
Regards,
Coinbase Support
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in conclusion to this I believe exchanges should implement software blocking technology to block incoming transfers of assets they do not support and cause such transactions to fail to transact if they will not assist In retrieval efforts. I believe it’s there due diligence for inexperienced users and all users alike. Mistakes happen, whatever happened to helping someone whose down? Always triple check before you send 💯 lesson learned
