ERC-20
Coinbase launches tool to recover ‘mistakenly sent’ ERC-20 tokens
Major cryptocurrency platform Coinbase has offered an asset recovery tool for users who “mistakenly send unsupported tokens” to exchange addresses. In a Dec. 15 announcement, Coinbase said users who sent any of roughly 4,000 ERC-20 tokens to a Coinbase address could recover their previously unrecoverable funds by providing “the Ethereum TXID for the transaction where the asset was lost and the contract address of the lost asset.” The exchange said certain ETC-20 tokens including Wrapped Ether (wETH), TrueUSD (TUSD), and staked Ether (STETH) would be eligible for recovery, with a 5% charge on transactions of more than $100. “Our recovery tool is able to move unsupported assets directly from your inbound address to your self-custodial wallet without exposing private keys at any point,” said ...
What is wrapped Ethereum (wETH) and how does it work?
Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize it. After all, its practicality, transparency and flexibility have made it the industry norm for Ethereum-based projects. As such, many decentralized applications (DApps), crypto wallets and exchanges natively support ERC-20 tokens. However, there’s one problem: Ether (ETH) and ERC-20 do not exactly follow the same rules, as Ether was created way before ERC-20 was implemented as a technical standard. So, why does wrapped ETH matter? Briefly put, ERC-20 tokens can only be traded with other ERC-20 tokens, not Ether. In order to bridge this gap and enable the exchange of Ether for ERC-20 tokens (and vice versa), the Ethereum network introduced wr...
Coinbase will ‘briefly pause’ ETH and ERC-20 token deposits and withdrawals during Ethereum Merge
United States-based cryptocurrency exchange Coinbase has announced it will be temporarily suspending certain token deposits and withdrawals when Ethereum’s core developers transition the blockchain to proof-of-stake, or PoS. In a Tuesday blog post, Coinbase product manager Armin Rezaiean-Asel said that during the Merge event, the crypto exchange will “briefly pause” deposits and withdrawals of Ether (ETH) and ERC-20 tokens “as a precautionary measure” to handle the migration. The exchange also warned users against scammers offering ETH2 tokens, saying crypto users did not need to take additional action to receive staked ETH prior to the Merge. “Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successf...
Coinbase will ‘briefly pause’ ETH and ERC-20 token deposits and withdrawals during Ethereum Merge
United States-based cryptocurrency exchange Coinbase has announced it will be temporarily suspending certain token deposits and withdrawals when Ethereum’s core developers transition the blockchain to proof-of-stake, or PoS. In a Tuesday blog post, Coinbase product manager Armin Rezaiean-Asel said that during the Merge event, the crypto exchange will “briefly pause” deposits and withdrawals of Ether (ETH) and ERC-20 tokens “as a precautionary measure” to handle the migration. The exchange also warned users against scammers offering ETH2 tokens, saying crypto users did not need to take additional action to receive staked ETH prior to the Merge. “Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successf...
LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain
Liechtenstein-based crypto exchange LCX has confirmed the compromise of one of its hot wallets after temporarily suspending all deposits and withdrawals on the platform. The hack was first identified by PeckShield, a blockchain security company, based on the suspicious transfer of ERC-20 tokens from LXC to an unknown Ethereum wallet. hot wallet compromised? @lcx https://t.co/uL5a7oCFfM — PeckShield Inc. (@peckshield) January 9, 2022 The probable hot wallet compromise was soon confirmed by the exchange as it announced the loss of numerous tokens including Ether (ETH), USD Coin (USDC) and other tokens including its in-house LCX token. Ethereum blockchain based assets such as ETH, USDC, EURe, LCX and other assets have been moved to the Hacker ETH Wallet: 0x165402279F2C081C54B00f0E08812F...
