💥 A painful experience from a month ago: Lost $26,800 in USDT transfer
This experience taught me a valuable lesson, and I hope it helps everyone avoid similar losses.
Details of the mistake:
At that time, I intended to transfer $25,500 USDT to a business partner from KuCoin, and the partner provided an ERC20 network address. I thought everything was fine, but out of carelessness, I chose the Polygon network and did not notice this mistake before confirming the transfer. After the funds were deducted from my account, they did not arrive for a long time.
Follow-up issues:
We tried several times to fix it, but the problem was fundamentally due to the wallet address not supporting deposits on the Polygon network, resulting in the complete disappearance of this USDT, and it couldn't be recovered.
Summary of lessons learned:
1. Network mismatch:
The partner's wallet is an ERC20 address, but I mistakenly used the Polygon network. Even if the address is exactly the same, choosing the wrong network can lead to the loss of funds.
2. Irreversible:
Once a cryptocurrency transfer is confirmed, it cannot be reversed, which is different from traditional bank transfers that can be reversed. The mistake must be accepted, and the loss cannot be recovered.
Experience sharing to avoid similar problems:
1. Carefully verify wallet addresses:
Every time you make a transfer, be sure to verify the wallet address multiple times, and only proceed after confirming it is correct. Especially for long addresses, it’s best to double-check.
2. Match the correct network:
Ensure that the selected network is fully consistent with the network supported by the other party. Transfers between different networks cannot be interchanged, and funds will not reach the target address if the wrong network is chosen.
3. Test with small amounts before large transfers:
Before making large transfers, you can first conduct a small test. Send a small amount to test, and after confirming the transaction is successful, proceed with the large transfer.
Additional sharing: Recently, I am paying attention to a potential coin that seems to have a good chance of doubling in the short term, and there may be more than 10 times the potential.
If you're interested, feel free to like + comment to discuss together!
Final statement: The above content is only for personal experience sharing and informational reference, and does not constitute any investment advice. Invest cautiously and make rational decisions!
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