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My friend lost $25,500 in a USDT transfer: A painful lesson in cryptocurrency transfers

A month ago, my friend made a big mistake and lost $25,500 in USDT, reminding us to be extremely careful in the world of cryptocurrency. Below is the story and important lessons every cryptocurrency trader should learn.

The Mistaken Transfer

My friend wanted to transfer $25,500 worth of USDT from his KuCoin account to his business partner's OKX wallet. His partner provided a wallet address that supports the ERC20 network, hoping the transaction would go smoothly.

But the problem arose here:

When setting up the transfer, my friend accidentally selected the Polygon network instead of ERC20.

He didn't notice the mismatch and proceeded with the transaction.

After the transfer was confirmed, the money was deducted from his KuCoin account, but it never reached his partner's OKX wallet.

Despite multiple attempts to recover the funds, the USDT was still lost because the OKX address did not support deposits through the Polygon network.

Lesson: Avoiding Major Mistakes in Cryptocurrency

This unfortunate event emphasized the importance of carefully verifying information before making any cryptocurrency transactions.

Where it went wrong:

Network Mismatch: The provided wallet address supports ERC20, but the funds were sent using the Polygon network.

Irreversible Transactions: Unlike traditional banks, cryptocurrency transfers cannot be reversed once confirmed; mistakes cannot be undone.

🚀 Best Practices for Safe Cryptocurrency Transfers

To avoid falling into pitfalls, keep these tips in mind:

Verify Wallet Address: Always double-check the recipient's address and the network they specified.

Network Must Match: Ensure that the blockchain network you select is compatible with the one supported by the recipient.

Conduct a Small Test First: Before large transfers, send a small test transaction to confirm everything is correct.
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