Loss of $26,800! A painful experience with USDT transfers, teaching you how to avoid repeating the same mistake
A month ago, due to a careless operational error, I lost $26,800. This experience made me deeply realize that neglecting details can lead to irretrievable losses.
The story:
I intended to transfer $25,500 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. It was ultimately discovered that the recipient's wallet did not support the Polygon network, and the money completely disappeared and could not be recovered.
Lessons learned:
1. Incorrect network selection
Even if the address is the same, different blockchain networks cannot communicate directly. Once the wrong network is selected, the funds will be permanently lost.
2. Irreversible transactions
Once a cryptocurrency transfer is confirmed, it cannot be reversed, which is different from traditional bank remittances that can be canceled. The consequences of an incorrect operation can only be borne by oneself.
How to avoid similar losses?
1. Carefully verify address and network
Before transferring, ensure to accurately verify the wallet address and the corresponding network type, especially when involving multiple networks such as ERC20, TRC20, Polygon, etc. Be sure to confirm that it matches the network supported by the recipient.
2. Conduct small-scale tests first
Before making a large transfer, it is advisable to conduct a small transfer test to confirm the transaction is correct before proceeding with a large transfer.
3. Confirm the network supported by the recipient
Before transferring, confirm in advance with the payee which networks their wallet supports, and do not rely on experience or subjective judgment for the transfer.
Final reminder:
Cryptocurrency transfers may seem simple, but losses due to operational errors are often irretrievable. Every step requires high attention to detail and caution, especially when making large transfers, to ensure everything is foolproof!
At the same time, I recently noticed a pretty good meme, the PUppIE.s in the primary market. The community is self-governed and is always doing work, worth paying attention to!
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