USDT transfer rug pulled $36880: A painful lesson in cryptocurrency!

Newbies must be cautious, carelessness can lead to loss

Just today, my friend suffered a loss of $36880 while conducting a USDT transfer. This incident serves as a wake-up call for all cryptocurrency players: every step in this circle must not be taken lightly.

Erroneous transfer

My friend originally intended to transfer $36880 USDT from KuCoin to a business partner's OKX wallet. The partner provided an ERC20 network address, and he thought everything was fine.

However, during the setup, he accidentally selected the Polygon network and didn’t realize it. After one-click confirmation, the money was deducted from the account but did not arrive in the partner's wallet. Multiple attempts to recover failed because the OKX wallet address does not support Polygon network deposits, resulting in the USDT ultimately being lost.

Lesson summary

1. Network mismatch: The target address should have used the ERC20 network, but the funds were transferred to the Polygon network.

2. Irrevocable transfer: Unlike bank remittances, cryptocurrency transfers cannot be reversed once confirmed; mistakes can only be accepted.

Advice to avoid repeating the mistake:

1. Verify wallet address: Carefully check the receiving address and designated network; don’t view it as a hassle.

2. Ensure network compatibility: Confirm that the selected network is compatible with the recipient's network to avoid errors.

3. Before large transfers, conduct a small test: Send a small “exploratory” amount first, and after confirming accuracy, proceed with the large transfer.