Coinbase Now Has A Recovery Tool For Lost Uniswap, Aave, 0x And Chainlink Tokens

Zinger Key Points
  • Starting in a few weeks, users will be able to recover more than 4,000 Ethereum-based tokens that are not yet supported.
  • Tokens can be retrieved if users can provide their ETH transaction identification for the missing assets.

Cryptocurrency exchange Coinbase COIN has come up with a tool that will enable users to recover more than 4,000 unsupported ERC-20 tokens that have been sent to its ledger.

Any cryptocurrency built on the Ethereum ETH/USD blockchain is referred to as an ERC-20 token.

Will Robinson, vice president of engineering at Coinbase, told TechCrunch that it has been a pain point for clients that send ERC-20 tokens to a Coinbase receive address.

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These assets, when sent unintentionally, were essentially stuck up until this point.

Customers will be able to use the service over the next few weeks, except for those in Japan and Coinbase Prime users.

Uniswap UNI/USD, Aave AAVE/USD, 0x ZRX/USD, and Chainlink LINK/USD are some of the most well-known ERC-20 tokens.

Prior to the tool's release, clients who contributed unsupported ERC-20 tokens to a Coinbase address would get a message stating that the funds had been sent, even though they had not actually been sent to the recipients' wallets.

Users would lose their tokens and the money linked to them as a result.

In addition to a separate network cost that is charged for all recoveries, there will be a 5% recovery fee for sums over $100.

ERC-20 tokens are popular among developers who wish to develop their own tokens on the Ethereum blockchain and other users who trust in the networks behind those tokens, even when their transfers are not large.

According to Coinbase, some of those tokens can now be retrieved provided customers can provide their Ethereum transaction identification for the missing assets and their contact address.

“We make no quality representation of these assets, as they haven’t gone through our review process, but we’re facilitating the returns that accidentally sent it in the first place,” Robinson said.

Coinbase stated that recovery for tokens other than those based on the ERC-20 standard might become accessible in the future, but the exchange is not willing to make a commitment at this time.

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