Coinbase has expanded its self-service asset recovery tool to include lost tokens on the Solana network, according to an April 21 announcement.
The feature allows users to reclaim certain unsupported SPL tokens mistakenly sent to their Coinbase addresses without submitting a customer support ticket.
The company clarified that not all SPL tokens are eligible for recovery, and users are encouraged to verify asset eligibility before initiating the process.
Additionally, Coinbase emphasized that recovered assets have not undergone the exchange’s full listing review, and customers must exercise their judgment regarding asset authenticity and security.
Asset recovery capability
The new addition broadens Coinbase’s asset recovery capabilities, initially introduced in December 2022 for ERC-20 tokens on the Ethereum network. The original recovery tool enabled users to retrieve nearly 4,000 unsupported Ethereum-based assets that were accidentally sent to Coinbase accounts.
Until the launch of this tool, mistakenly sent assets were typically not recoverable because Coinbase employees and support channels lacked access to the private keys required to reverse such transactions.
In February 2024, Coinbase expanded the feature to tokens erroneously sent using BNB Chain and Polygon. If a user attempts to recover an ineligible asset or uses an unsupported network, the process will fail, and funds will remain inaccessible.
Successful recoveries involving amounts greater than $100 are subject to a 5% fee applied to the portion above $100, in addition to standard network fees.
Tackling a longstanding issue
Coinbase’s expansion of the recovery service to include SPL tokens on Solana reflects a broader effort to address a longstanding challenge in crypto self-custody.
Historically, mistaken transactions involving unsupported tokens often resulted in permanent losses, creating frustration among users. Coinbase aims to simplify recovery processes and reduce reliance on manual customer support by offering a self-service option.
Coinbase also noted that more token types across other networks may become eligible for recovery in the future, although the timeline for such expansions remains unclear.
Due to technical constraints and asset-specific complexities, Coinbase does not guarantee that all lost tokens can be recovered through the platform’s tools.
Mentioned in this article
Source link
GIPHY App Key not set. Please check settings