💔 Lost $26,800! A painful experience with USDT transfers, teaching you how to avoid making the same mistake again

A month ago, due to an inadvertent operational error, I lost $26,800. This experience made me deeply aware that neglecting details can lead to irreversible losses.

The incident:

I intended to transfer $25,500 in USDT from KuCoin to a business partner, who provided an ERC20 network address. Everything seemed normal, but during the transfer, I accidentally selected the Polygon network without carefully verifying. After the funds were deducted from my account, they never arrived. Eventually, I discovered that the other party's wallet did not support the Polygon network, and the money completely disappeared, unable to be retrieved.

A profound lesson:

1️⃣ Wrong network selection

Even if the address is the same, different blockchain networks cannot directly communicate. Once the wrong network is selected, the funds will be permanently lost.

2️⃣ Irreversible transactions

Once a cryptocurrency transfer is confirmed, it cannot be reversed, which is different from traditional bank transfers that can be canceled. The consequences of an erroneous operation can only be borne by oneself.

How to avoid similar losses?

1️⃣ Carefully verify the address and network

Before transferring, ensure to accurately verify the wallet address and the corresponding network type, especially when multiple networks such as ERC20, TRC20, Polygon, etc., are involved. Always confirm that it matches the network supported by the recipient.

2️⃣ Conduct a small test transfer first

Before making a large transfer, it is advisable to conduct a small test transfer to confirm the transaction is correct before proceeding with the larger transfer.

3️⃣ Confirm the network supported by the other party

Before transferring, confirm in advance with the recipient which networks their wallet supports; do not rely on experience or subjective judgment to carry out the transfer.

Final reminder:

Cryptocurrency transfers may seem simple, but the losses from erroneous operations are often irretrievable. Every step requires a high level of attention and caution, especially when making large transfers, ensuring everything is foolproof!

Meanwhile, I recently noticed a pretty good meme, the PUppIE.s in the primary market. The community is self-governing and has been actively working, worth paying attention to!