Transfer of $36,880 in USDT from Wallet Results in Huge Loss: A Painful Lesson for Newbies!

In cryptocurrency trading, a small oversight can lead to enormous losses. Below is a true experience of a friend, hoping to serve as a warning for everyone.

The Process of Transfer Error

My friend planned to transfer $36,880 in USDT from KuCoin to a partner's wallet address on OKX. The recipient clearly provided an ERC20 network address, and he thought everything was going according to plan.

However, during the setup process, he accidentally selected the Polygon network without confirming. After one-click transfer, the funds were deducted but did not arrive in the recipient's account for a long time.

After multiple attempts, he realized the problem: the OKX wallet address does not support USDT deposits on the Polygon network, resulting in the funds being unrecoverable. This also reflects the severe consequences of operational mistakes in cryptocurrency trading.

Key Issues

Network Mismatch: The target address required an ERC20 network, but the actual transfer chose the Polygon network.

Irreversible: Cryptocurrency transfers are not like traditional bank remittances; once the operation is completed, the error cannot be undone.

How to Avoid Similar Mistakes?

Here are some practical suggestions:

Double-check all information: Before sending funds, carefully check the recipient's address and the network used; no detail should be overlooked.

Ensure Network Compatibility: Be sure to confirm that the network supported by the target address matches the transfer network.

Test Small Transfers: Before conducting large transactions, first try sending a small amount to ensure accuracy before proceeding.

Stay Vigilant: Avoid rushing; any oversight can lead to irretrievable losses.

The lesson from this mistake is profound; the cryptocurrency world is full of opportunities, but risks are everywhere. Every transfer should be carefully checked for details to ensure that your funds do not become “irretrievable” wasted money!

When purchasing BRC20𐊣Delta in the wallet, be sure to hold it securely, and confirm that the network supported by the target address matches the transfer network.