Coinbase Offers Lifeline for Lost Crypto on Polygon and BNB Chain

Crypto exchange Coinbase is extending a helping hand to users who accidentally send their digital assets to the platform’s unsupported blockchains like Polygon and BNB Chain. 

Previously, these mistaken transfers meant a permanent loss of the user’s assets. However, with this recent announcement, Coinbase is now offering a recovery solution for these previously unrecoverable situations.

Through a user-friendly process, individuals simply need to provide their transaction ID and the specific Coinbase wallet address associated with the lost assets. This allows Coinbase to facilitate the retrieval, alleviating the stress and potential financial loss associated with such mishaps.

While retrieving lost crypto under $100 comes at no cost, a 5% commission applies to larger recoveries. This fee reflects the effort involved in the process, which goes beyond typical customer support interactions. Regular Coinbase wallets typically utilize multi-sig technology with access controlled by senior personnel. In such cases, recovering misplaced assets often requires collaboration and intervention from these individuals, highlighting the added complexity behind the process.

This move builds upon Coinbase’s existing recovery tool, which has successfully retrieved over $160 million worth of lost digital assets from the Ethereum blockchain since its inception. With an estimated 3,000 ERC-20 tokens mistakenly sent to Coinbase via BNB Chain and 800 such tokens sent via Polygon, the new feature addresses a significant need for users.

Furthermore, Coinbase emphasizes its commitment to continuously improving the recovery tool. They are actively exploring the possibility of supporting additional assets and networks in the future. However, they acknowledge the inherent technical complexities involved and maintain transparency by stating that future eligibility for specific assets cannot be guaranteed.

Overall, this new service represents a significant step forward in this space and demonstrates Coinbase’s dedication to supporting its users and fostering a more secure environment for cryptocurrency transactions.