• April 23, 2024

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Coinbase Expands Asset Recovery Tool to New Networks

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Coinbase has announced that they will soon allow users to recover assets lost by sending them to unsupported blockchains such as BNB Chain and Polygon.

Users can do this by providing a transaction ID and their Coinbase wallet address.

This is a new feature, as previously, these lost assets were not recoverable due to Coinbase employees and support channels not having access to the necessary private keys.

There will be no fee for recovering assets worth less than $100, but a 5% commission will be charged for retrieving larger amounts.

While exchanges typically have systems in place to support multiple blockchains and assets for regulatory compliance, recovering misplaced assets can still be a time-consuming and difficult process, involving senior executives with control over the multisig wallets.