Coinbase Asset Recovery Tool Now Supports Asset Recovery On BNB Smart Chain And Polygon

Key Points:

• Coinbase asset recovery tool expanded to support BNB Smart Chain and Polygon, in addition to Ethereum.
• The tool aids users in retrieving unsupported tokens mistakenly sent to their Coinbase addresses, safeguarding against fund loss.

Coinbase, a leading cryptocurrency exchange, has expanded its asset recovery tool to include BNB Smart Chain and Polygon, following its initial launch for Ethereum in December 2022.

Coinbase Asset Recovery Tool to Support BNB Smart Chain and Polygon

Coinbase asset recovery tool serves to aid users in reclaiming unsupported tokens mistakenly sent to their Coinbase addresses.

While BNB Smart Chain is not officially supported by Coinbase, customers occasionally err by sending unsupported tokens on this chain to their Coinbase addresses, resulting in potential fund loss. However, Coinbase asset recovery tool now facilitates the retrieval of such tokens directly from inbound addresses to either the Coinbase wallet or any compatible self-custodial wallet.

In addition to its existing support for the Polygon chain, Coinbase has extended its asset recovery tool to assist customers in reclaiming unsupported Polygon assets. Coinbase stated:

“Our industry-first solution provides a simple, safe, and secure way for customers to recover almost 3,000 unsupported ERC-20 tokens that were mistakenly sent to Coinbase addresses via BNB Smart Chain and 800 sent via Polygon. Over the next few weeks, we’re rolling out this feature and all eligible customers will have the ability to recover funds on BNB Smart Chain and Polygon.”

How Coinbase Helps Users Reclaim Mistakenly Sent Tokens?

This recovery process is user-friendly, requiring just a few clicks to initiate the retrieval of mistakenly sent eligible assets to either the Coinbase Wallet or any compatible self-custodial wallet. Notably, the Coinbase asset recovery tool ensures the security of private keys throughout the process.

Developed in-house using proprietary technology, Coinbase imposes a 5% fee for asset recoveries exceeding $100, alongside applicable network fees. To initiate the recovery process, customers must provide the transaction ID and the inbound Coinbase address associated with the lost assets.