Coinbase Announces Asset Recovery Tool for ERC-20 Tokens

It is important for users of cryptocurrency to be careful when sending transactions and to double-check that they are sending their tokens to the correct address. In general, cryptocurrency transactions are irreversible and it may not always be possible to recover tokens that have been sent to the wrong address.

Coinbase Asset Recovery Tool

Coinbase has developed a tool that allows users to recover ERC-20 tokens that were mistakenly sent to the wrong address. This could be useful if a user accidentally sends ERC-20 tokens to an incorrect Ethereum address. However, it is important to note that it may not always be possible to recover mistakenly sent tokens.

The token recovery feature will be available in the next few weeks for Coinbase customers, except those in Japan or users of Coinbase Prime. Coinbase will charge a 5% recovery fee for amounts over $100 in addition to a separate network fee that applies to all recoveries. Customers must provide their Ethereum transaction and the contract address of the lost asset. The recovery tool only works for select ERC-20 tokens sent to Coinbase.