Centre Blog

Centre Consortium Announces Release of USD Coin Version 2.1

CENTRE Consortium
CENTRE Consortium
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Apr 26, 2021 6:35:16 PM

 

Implementation of the USDC Funds Recovery Process

Centre Consortium today announced an upgrade to the USD Coin (USDC) protocol and smart contract on the Ethereum blockchain. USDC Version 2.1 automatically prevents users from sending USDC to the smart contract. As part of Version 2.1, Centre Consortium also announced a retrieval service for USDC mistakenly sent to the Ethereum smart contract address. That USDC Funds Recovery Process is outlined below.  

How it works:

  1. Eligibility: You must have a Coinbase account and agree to any applicable Coinbase terms to access the recovered USDC funds. You will be required to go through basic customer identification requirements. If you do not have a Coinbase account, please first create one here.
  2. Recovery Request: If you’ve previously sent USDC to the Ethereum contract address fill out this form
  3. Proof of Transaction: Coinbase is responsible for determining if you are eligible to recover the USDC funds. Coinbase will verify your claim to the underlying USDC funds by in part assessing whether you were authorized to initiate the transaction or transfer, and had possession of the wallet (private keys) that originated the initial transaction. You may be asked to initiate a small USDC transaction from the same originating address for the purposes of verifying control over the address. You may be asked for additional information as reasonably necessary to satisfy the Coinbase review process.
  4. Funds Recovery: Once the above steps are satisfied, the transfer of funds will be initiated. 

We’re happy to be able to provide a safe solution and formal recovery process. We appreciate your patience while we confirm and verify these transactions before returning the funds to their senders. However, this is a manual process that will take some time. Your request will be processed upon receipt. Please do not create additional tickets via regular support channels and only submit requests though our dedicated form. Simply filling out the form will add you to the list for recovery. The resolution of your claim may take up to 120 days. 

*Please note: This recovery process will only be used for USDC sent to the smart contract address and can not provide recovery for mistaken or wrong transfer of USDC to wallets other than the smart contract address. You must comply with the USDC Funds Recovery Process and provide any requested information. The USDC Funds Recovery Process may change from time to time. Please review this post for any updates.

FAQ:

How long should the recovery process take?

Once you complete the UDSC Funds Recovery Process in full, the resolution of claims on these funds may take up to 120 days. 

Why was I able to send my USDC to the wrong address in the first place?

Ethereum smart contracts, such as the USDC smart contract, are stored at valid Ethereum addresses, but they are not intended or designed to send and receive assets directly. When you initiate a USDC transfer to smart contracts, certain protocols, and other similar technologies, you may be locked out or otherwise lose access to your USDC if you mistakenly enter the wrong address code or use third-party providers that send USDC to the wrong address code.  We strongly encourage you to review the address code before sending any assets to ensure that it is the right address code for the intended recipient..

Can people still mistakenly send USDC  to the USDC contract address?

In order to safeguard users going forward, the smart contract address itself will no longer accept any USDC transfers. 

How are you able to fix this problem now?

Up until recently there was no technical ability to access the funds that had been mistakenly sent to the USDC smart contract address on Ethereum. USDC v2 (launched on August 27th 2020) included the first part of a solution to this problem, allowing funds sitting on the smart contract address to be moved. Version 2.1 completes the capability, enabling the recovery of funds and establishing a process to ensure that funds can be recovered using the USDC Funds Recovery Process.

Why do I need to create a Coinbase account?

Centre Consortium members work together to determine which is best positioned to help the USDC community. We are working to help those affected by putting in place a process that provides a way for you to recover USDC funds while safeguarding against bad actors. Coinbase will work with you to support your ability to recover the USDC funds while complying with its internal compliance standards and the USDC Funds Recovery Process. You are under no obligation to keep an account with Coinbase once the funds are distributed.

What happens if I cannot prove I controlled the address that originated the erroneous transfer?

Unfortunately, if you cannot prove that the funds are yours, Coinbase will not give you access to the USDC funds.

Will there be any changes to the USDC Funds Recovery Process?

We reserve the right to modify this process in part or in whole from time to time. Please continue to check this post for any updates.

How do you process USDC Funds Recovery claims? 

We will work as quickly as we can to get USDC back to you. We have been working in the background to establish a process that will efficiently and effectively provide a mechanism for you to get access to the recovered USDC.

First, we will give priority to those USDC holders who have already reached out to Centre Consortium or one of its members.

Second, we will process claims in the order they were received. We are confident we will be able to process your claim within 120 days of receiving a full Capture Request. We appreciate your patience if you experience a delay. Our intent is to work with the affected UDSC community to avoid errors, comply with the USDC Funds Recovery Process, and get you access to your USDC as quickly as possible.

What about my other stuck ERC20 tokens? Can you help?

No. This recovery process will only be used for USDC sent to the smart contract address and can not provide recovery for mistaken or wrong transfers of USDC to wallets other than the smart contract. 

What if I no longer have access to my wallet or private key?

If customers deposit from a private wallet they need to do a test deposit to verify. Otherwise we cannot verify they own the wallet where the original USDC transaction came from.

How long do I have to claim my funds?

We encourage clients to submit and claim their funds as soon as possible as unclaimed funds may be subject to escheatment to state government.