A month ago, my friend made a costly mistake that cost him $25,500 in USDT, highlighting the importance of caution in the crypto world. Hereโs the storyโand the critical lesson every crypto trader should take away.
๐ The Transfer That Went Wrong
My friend was transferring $25,500 USDT from his KuCoin account to his business partnerโs OKX wallet. His partner provided a wallet address compatible with the ERC20 network, expecting the transaction to go smoothly.
But hereโs where things went sideways:
1. While setting up the transfer, my friend accidentally selected the Polygon network instead of ERC20.
2. He proceeded with the transaction, unaware of the mismatch.
3. Once the transfer was confirmed, the funds were deducted from his KuCoin account but never arrived in his partnerโs OKX wallet.
Despite multiple attempts to recover the funds, the USDT was lost, as OKX does not support deposits via the Polygon network for that address.
โ ๏ธ The Lesson: Avoiding Costly Crypto Mistakes
This unfortunate incident underscores the critical importance of double-checking details before initiating any cryptocurrency transaction.
What went wrong:
Network Mismatch: The wallet address provided was ERC20-compatible, but the funds were sent using the Polygon network.
Irreversible Transactions: Unlike traditional banking, crypto transfers are final once confirmed, leaving no room for recovery in case of errors.
๐ Best Practices for Secure Crypto Transfers
To avoid falling into a similar trap, follow these tips:
1. Verify Wallet Addresses: Always double-check the recipient's address and the network theyโve specified.
2. Match the Network: Ensure the selected blockchain network matches the recipientโs supported network.
3. Test with Small Amounts: For large transfers, send a small test transaction first to confirm