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USDT transfer loss of $36,880: A painful lesson for beginners!

In cryptocurrency trading, a small oversight can lead to huge losses. Here is a true experience from a friend, hoping to serve as a warning bell for everyone.

The process of the transfer mistake

A friend planned to transfer $36,880 worth of USDT from KuCoin to a partner’s wallet address on OKX. The recipient clearly provided an ERC20 network address, and he thought everything was proceeding as planned.

However, during the setup process, he accidentally selected the Polygon network without confirmation. After one-click transfer, the funds were deducted but did not arrive at the counterpart’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 funds being unrecoverable. This also reflects the serious consequences of operational errors in cryptocurrency trading.

The key issues

Network mismatch: The target address requires the ERC20 network, but the actual transfer selected the Polygon network.
Irreversibility: Cryptocurrency transfers are not like traditional bank remittances; once the operation is completed, the error is irreversible.

How to avoid similar mistakes?

Here are some practical tips summarized:
Verify all information: Before sending funds, carefully check the recipient’s address and the network used; every character must be scrutinized.
Ensure network compatibility: Always confirm that the network supported by the target address matches the transfer network.
Test small transfers: Before making large transactions, try sending a small amount first to ensure accuracy before proceeding.
Stay vigilant: Avoid acting too quickly; any oversight may lead to irretrievable losses.

This mistake serves as a profound lesson; the cryptocurrency world is full of opportunities, but risks are everywhere. Every transfer should carefully verify details, ensuring that your funds do not become “lost and irretrievable” wasted money!

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