Coinbase has expanded its self-service asset recovery tool to include lost tokens in the Solana network, according to an announcement on April 21.
This feature allows users to incorrectly send unsupported SPL tokens to their Coinbase addresses without submitting a customer support ticket.
The company makes it clear that not all SPL tokens are eligible for recovery, and users are encouraged to verify the eligibility of the asset before starting the process.
Additionally, Coinbase must emphasize that the recovered assets have not received a full listing review of the exchange, and customers must make asset reliability and security decisions.
Asset Recovery Function
The new additions broaden Coinbase's asset recovery capabilities. First introduced December 2022, for ERC-20 tokens on the Ethereum network. The original recovery tool allowed users to acquire nearly 4,000 unsupported Ethereum-based assets that were accidentally sent to their Coinbase accounts.
Until the launch of this tool, Coinbase employees and support channels did not have access to the private key needed to reverse such transactions, so as to which assets were incorrectly sent were not normally able to be recovered.
February 2024, Coinbase Expanded functionality Tokens sent incorrectly using BNB chains and polygons. If a user attempts to recover ineligible assets or use an unsupported network, the process fails and the funds are inaccessible.
Successful recovery rates including amounts above $100 A 5% fee will be charged It applies to areas over $100 in addition to standard network charges.
Tackling long-standing issues
Coinbase's Recovery Service extension reflects the broader efforts to address the longstanding challenges of cryptographic independence, including SPL tokens in Solana.
Historically, false transactions containing unsupported tokens often resulted in permanent losses and created frustration among users. Coinbase aims to simplify the recovery process and reduce reliance on manual customer support by providing self-service options.
Coinbase also said that more token types may be eligible for future recovery across other networks, but the timeline for such extensions remains unknown.
Due to technical constraints and asset-specific complexity, Coinbase does not guarantee that all lost tokens can be recovered through the platform's tools.
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