My friend lost $25,500 in USDT transfer: A painful lesson in crypto transfers

A month ago, my friend made a big mistake and lost $25,500 in USDT, which once again reminded us to be extremely careful in the world of crypto. Here is the story and the important lesson every crypto trader should learn.

The transfer that went wrong

My friend wanted to transfer $25,500 in USDT from his KuCoin account to his business partner's OKX wallet. His partner gave him a wallet address that supported the ERC20 network, thinking that the transaction would go smoothly.

But here's what went wrong:

When setting up the transfer, my friend accidentally selected the Polygon network instead of ERC20.

He didn't notice the mismatch and went ahead with the transaction.

After the transfer was confirmed, the money was deducted from his KuCoin account, but it never arrived in his partner's OKX wallet.

Despite multiple attempts to recover the funds, the USDT was gone because the OKX at that address did not support deposits through the Polygon network.

Lesson: Avoid crypto mistakes

This unfortunate incident once again highlights the importance of double-checking your information before making any crypto transactions.

What went wrong:

Network mismatch: The wallet address given supported ERC20, but the funds were sent using the Polygon network.

Transactions are irreversible: Unlike traditional banks, once a cryptocurrency transfer is confirmed, it cannot be reversed, and there is no way to recover if something went wrong.

?? Best practices for secure cryptocurrency transfers

To avoid falling into pitfalls, keep these tips in mind:

Check wallet addresses: Always double-check the recipient's address and the network they specified.

Networks must match: Make sure the selected blockchain network is the same as the one supported by the recipient.

Test with a small amount first: Before making a large transfer, send a small test transaction to confirm it.