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$36,880 USDT Lost: A Hard Lesson in Crypto Transfers 💔
Crypto newbies take note: a small mistake can result in significant financial loss. Today, a friend learned this the hard way when a simple USDT transfer went wrong, costing him $ 36,880. This serves as a stark reminder to everyone in the crypto space — attention to detail is non-negotiable. ⚠️
The Costly Mistake 🚨
The plan was straightforward: transfer $36,880 in USDT from a KuCoin wallet to a business partner’s OKEx wallet using the ERC20 network. However, during the process, he accidentally selected the Polygon network instead of ERC20.
The transfer was confirmed, and the funds left his wallet — but never reached the recipient’s. Since OKEx does not accept USDT deposits on the Polygon network, the funds are now irrecoverable. 💔
Key Takeaways 📚
1. Network incompatibility: The recipient’s wallet required ERC20, but the sender mistakenly used the Polygon network.
2. Irreversible transactions: Unlike traditional banking, cryptocurrency transfers are final and cannot be undone if an error occurs.
How to avoid similar losses 🛡️
1. Double-check wallet details: Always verify the recipient’s wallet address and the specified network before confirming a transaction.
2. Ensure network compatibility: Make sure both the sending and receiving wallets are compatible with the chosen blockchain network.
3. Perform a test transfer: For large amounts, send a small test payment first to confirm everything is set up correctly
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