How a Friend Lost $25,500 in USDT During a Transfer
About a month ago, my friend faced an unfortunate situation while transferring $25,500 in USDT from his trading account on KuCoin to his business partner's wallet on OKX. His business partner provided him with a wallet address associated with the ERC20 network, hoping that the transfer would go smoothly.
Upon initiating the withdrawal, my friend accidentally selected the Polygon network instead of ERC20, proceeding unknowingly with the transaction. Once the transfer was confirmed, the funds were deducted from his KuCoin wallet, but they never arrived at his business partner's OKX account. Despite several attempts to track the transaction, the USDT were effectively lost, as OKX does not support deposits through the Polygon network for that specific address.
This painful experience highlights the critical importance of double-checking wallet addresses and the corresponding networks before executing any transaction. Cryptocurrency transfers, unlike traditional banking, cannot be reversed once completed. Always ensure that the network matches the options supported by the recipient and take an extra moment to verify the details. A few seconds of caution can save you from significant financial losses. May this story serve as a reminder to stay vigilant when handling digital assets.
