If exchanges have that kind of transparency and partnership to receive and send money based on matching network they support, its a easy peasy..
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Emiley jhon
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$36,880 USDT Lost: A Harsh Lesson in Cryptocurrency Transfers đ A simple mistake can lead to significant financial losses. Today, a friend experienced this when a $36,880 USDT transfer went wrong, serving as a crucial reminder for crypto users: attention to detail is critical. â ď¸
The Costly Mistake đ¨ The plan was to transfer $36,880 USDT from a KuCoin wallet to a business partnerâs OKX wallet using the ERC20 network. However, the sender accidentally chose the Polygon network instead. The transfer went through, but the funds didnât reach the recipient, as OKX doesn't support USDT deposits on the Polygon network. As a result, the funds are now lost and irrecoverable. đ
Key Lessons đ
1. Network Mismatch: The sender chose the wrong network (Polygon) instead of the required ERC20 network.
2. Irreversible Transactions: Cryptocurrency transfers are final and cannot be undone once confirmed.
How to Avoid Similar Losses đĄď¸
1. Double-Check Wallet Details: Always ensure the recipientâs wallet address and network are correct before confirming any transaction.
2. Ensure Network Compatibility: Make sure both wallets support the selected network.
3. Perform a Test Transfer: For larger amounts, send a small test transfer first to confirm everything is in order. â
Cryptocurrency offers vast opportunities but demands caution and responsibility. Stay vigilantâyour financial security depends on it. đ
