BullishBanter
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How My Friend Lost $25,500 in USDT During a Transfer
Around a month ago, my friend faced an unfortunate situation while transferring $25,500 in USDT from his trading account on KuCoin to his business partner’s OKX wallet. His business partner provided him with a wallet address associated with the ERC20 network, expecting the transfer to be seamless.
While initiating the withdrawal, my friend accidentally selected the Polygon network instead of ERC20, unknowingly proceeding with the transaction. Once the transfer was confirmed, the funds were deducted from his KuCoin wallet, but they never arrived in his business partner’s OKX account. Despite several attempts to trace the transaction, the USDT was effectively lost, as OKX does not support deposits via the Polygon network for that specific address.
This painful experience highlights the critical importance of double-checking wallet addresses and the networks they correspond to before executing any transaction. Cryptocurrency transfers, unlike traditional banking, cannot be reversed once they are completed. Always ensure the network matches the recipient’s supported options, and take an extra moment to verify the details. A few seconds of caution can save you from significant financial losses. Let this story serve as a reminder to stay vigilant when handling digital assets.
#transfer #Loss
Around a month ago, my friend faced an unfortunate situation while transferring $25,500 in USDT from his trading account on KuCoin to his business partner’s OKX wallet. His business partner provided him with a wallet address associated with the ERC20 network, expecting the transfer to be seamless.
While initiating the withdrawal, my friend accidentally selected the Polygon network instead of ERC20, unknowingly proceeding with the transaction. Once the transfer was confirmed, the funds were deducted from his KuCoin wallet, but they never arrived in his business partner’s OKX account. Despite several attempts to trace the transaction, the USDT was effectively lost, as OKX does not support deposits via the Polygon network for that specific address.
This painful experience highlights the critical importance of double-checking wallet addresses and the networks they correspond to before executing any transaction. Cryptocurrency transfers, unlike traditional banking, cannot be reversed once they are completed. Always ensure the network matches the recipient’s supported options, and take an extra moment to verify the details. A few seconds of caution can save you from significant financial losses. Let this story serve as a reminder to stay vigilant when handling digital assets.
#transfer #Loss
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