Coinbase has announced the expansion of its self-service asset recovery tool to now support certain tokens on the Solana (SPL) network, the company revealed in an April 21 statement.
This move broadens the platform’s effort to help users recover unsupported or misrouted tokens without the need to contact customer service.
The recovery feature, originally launched in December 2022, was designed to help users reclaim ERC-20 tokens on the Ethereum network that were accidentally sent to Coinbase wallet addresses. In February 2024, Coinbase extended the tool to include BNB Chain and Polygon tokens.
Solana Now Included, But With Limitations
With the latest update, Coinbase users can recover eligible Solana Program Library (SPL) tokens that were mistakenly transferred to Coinbase wallets. However, the company cautioned that not all SPL tokens are eligible and urged users to check asset compatibility before beginning a recovery attempt.
“Recovered assets have not gone through our full listing review,” Coinbase said, adding that users should evaluate each asset’s authenticity and security independently.
Recovery Conditions and Fees
The tool enables users to recover funds that would previously be considered irretrievable, as Coinbase staff lack access to the private keys needed to reverse transactions manually.
To use the recovery feature successfully:
- The token must be supported by the tool.
- The network used for the transaction must match.
- The wallet address must be eligible.
Recoveries for amounts above $100 are subject to a 5% recovery fee on the amount exceeding the threshold, along with standard network transaction fees.
If a user attempts to recover an ineligible asset or uses an unsupported network, the process will fail, and the funds will remain unrecoverable.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/coinbase-expands-asset-recovery-tool-to-support-solana-based-tokens/