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Friday, January 27, 2023

CoinBase Goes Recovery Mode

If you have ever used Coinbase, then you know that the platform provides its users with an easy way to purchase and sell crypto tokens. The exchange has recently introduced a new tool that is designed to help Coinbase customers recover mistakenly sent ERC-20 tokens.

Coinbase has announced the launch of a new feature that will allow customers to recover mistakenly sent ERC-20 tokens. The tool, which is available through the Coinbase Wallet app, allows users to request a recovery of their crypto should they send their tokens to an incorrect address.

CoinBase To Recover ERC-20 Tokens

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The two types of recovery tools available are:

  • The first type is for customers who sent tokens to an address that is not a token address (e.g., sending ETH from your Coinbase wallet instead of sending ETH from say, MyEtherWallet). This type of mistake happens when someone who isn’t familiar with Ethereum makes common errors like mistyping the transaction amount or sending funds from the wrong account. In this case, users can use the Recovery Tool within 48 hours after incorrectly sending funds by following these steps:
  • Tap on More Options > Request Recovery and select “ERC-20 Token Transaction” as your preferred method for recovery; then follow prompts to enter your wallet password and select how much money you want restored back into your account

    If you’ve ever accidentally sent your funds to Coinbase instead of another address, there’s good news: The company has just launched a tool that lets users retrieve those coins. The process involves using something called an ERC20 token contract to send back the tokens that were originally sent. Users can find out more about using this new feature here.

    Coinbase customers can now recover tokens sent to the exchange from a smart contract on the Ethereum network after mistakenly sending them to a non-token address. The new tool will help users avoid losing funds when sending money to an incorrect address through their Coinbase accounts.

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