USDT transfer lost $36,880: a painful lesson for cryptocurrency!

Beginners must be cautious when getting started, and carelessness can lead to loss

Just today, my friend suffered a loss of $36,880 when transferring USDT. This incident sounded a wake-up call for all cryptocurrency players: in this circle, every step cannot be taken lightly.

Wrong transfer

My friend originally planned to transfer $36,880 USDT from KuCoin to his business partner's OKX wallet. The partner provided an ERC20 network address, and he thought everything was going well.

However, when setting up, he accidentally selected the Polygon network, and he didn't realize it. After one-click confirmation, the money was deducted from the account, but it didn't enter the partner's wallet. Multiple attempts to recover failed because OKX's wallet address does not support deposits on the Polygon network, resulting in the USDT being wasted.

Lessons learned

1. Network mismatch: The target address should have used the ERC20 network, but the funds were transferred to the Polygon network.

2. Unreversible transfers: Unlike bank transfers, cryptocurrency transfers cannot be reversed once confirmed, and mistakes can only be made.

Tips to avoid repeating the same mistakes:

1. Check wallet address: Check the receiving address and designated network carefully, don't be bothered.

2. Ensure network compatibility: Confirm that the selected network is compatible with the recipient's network to avoid mistakes.

3. Before making a large transfer, conduct a small test: first send a small "exploratory" payment, and then make a large transfer after confirming that everything is correct.