Last month, my friend faced a devastating blow when he lost $25,500 USDT during a transfer between exchanges. What was meant to be a routine transaction turned into a costly mistakeโone that could happen to anyone in the crypto space.
๐ What Went Wrong?
Sender: My friend was transferring $25,500 USDT from his KuCoin wallet.
Recipient: His business partnerโs wallet on OKX, configured for the ERC20 network.
The Mistake: Instead of selecting ERC20, he mistakenly chose the Polygon network while initiating the withdrawal.
The transaction was confirmed, and the funds were deducted from KuCoinโbut they never reached the recipient. OKX does not support USDT deposits via the Polygon network for that address, effectively rendering the funds irretrievable.
๐ Why This Happened
Cryptocurrency transactions are finalโthereโs no "undo" button or support line to reverse mistakes. Missteps like using an unsupported network or incorrect wallet address can lead to permanent loss of funds.
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๐ก๏ธ Lessons Learned: Tips to Avoid This Situation
1. Double-Check Wallet Addresses
Always confirm the recipientโs wallet address matches the correct network. A small mismatch can lead to irreversible loss.
2. Verify the Network
Cross-check the recipient's supported networks (
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