The Coinbase cryptocurrency exchange will soon allow users to recover lost assets sent to unsupported networks of the platform, including BNB Chain and Polygon.
In an announcement on February 27, users who have sent assets to their Coinbase account on BNB Chain or Polygon only need to provide the transaction ID and the Coinbase wallet address they sent to in order for the assets to be recovered.
Regarding this, they said: “Historically, these assets have been irrecoverable, partly because our staff and support channels don’t have access to the necessary private keys to reverse these transfers.” For assets under $100, Coinbase does not charge for recovery efforts. However, recovering lost cryptocurrencies exceeding that amount will incur a 5% commission fee.
While theoretically, mistakenly sent assets can be recovered, the process of recovering them often requires time, effort, and coordination from high-level executives who control the exchange’s multisig wallets. In previous information in 2022, Binance charged a $500 fee for each erroneous cryptocurrency asset retrieval.
