- Kirobo has announced that they have expanded their transaction retrieval platform to include Ethereum
- Accidental Ethereum transfers can now be recalled, with ERC-20 tokens to follow
- Kirobo has been running this feature in some Bitcoin wallets since June
Kirobo, the Israeli startup best known for creating an ‘undo’ function for previously irreversible Bitcoin transactions, has expanded their services to include Ethereum transactions. Starting yesterday, anyone wishing to retrieve an Ethereum transfer sent in error will be able to do so, with ERC-20 token support soon to follow.
Kirobo Branches Out
Kirobo announced the development in a press release yesterday, stating that the service will be initially supported by the MetaMask and WalletConnect wallets, where individuals can reclaim funds mistakenly sent to the wrong address. As well as being able to reverse unintended transfers and later ERC-20 transactions, Kirobo also offers protection against sending funds to smart contracts that don’t support deposits.
The retrieval process relies on the same password system that Kirobo uses for its Bitcoin reclamation service. When a transfer is initiated, the sender enters a password, with the funds only released when the recipient enters the password at their end. If the password is not entered, or if it is entered incorrectly, the sender can retrieve their assets.
Two-pronged Service
Kirobo says that its service provides a two-pronged service to users:
By adding an additional layer of security, Kirobo not only eliminates the risk of losing crypto due to human error but provides comprehensive protection against man-in-the-middle attacks.
Kirobo CEO Asaf Naim said in the press release that their system eliminates the need to send a test transaction, sharply reducing the level of anxiety users feel when transferring funds to a third party. He added that the platform’s Bitcoin version has “proven hugely popular in recent months”, and the concept is certainly one that provides an extra layer of protection to cryptocurrency users.
