Coinbase has launched a new feature that enables users to recover cryptocurrencies mistakenly sent to unsupported blockchains like BNB Chain and Polygon.
In the past, these lost assets were irrecoverable due to limitations on Coinbase that only allow returns with private keys. According to a report published on February 27th, anyone who has lost funds in this way can now easily restore them by supplying their transaction ID and Coinbase wallet address details.
Filing fees are waived for all assets under $100. However, for recoveries over $2000, there is a 5% commission. Coinbase is now leveraging its existing successful solution for the Ethereum blockchain in asset recovery.
According to the report, It has already retrieved over $160 million of lost digital assets. However, this feature expansion is in response to the growing number of users who often accidentally send tokens via BNB Chain and Polygon networks, with Coinbase’s estimates being upwards of 3000 ERC-20 and 800 Polygon-based tokens.
“We’re continuously investigating and expanding the scope of this feature to support additional assets and networks,” Coinbase stated.
These developments will likely impose certain technical constraints and require trade-offs in the future.
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