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overthere
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How my friend lost $10,000 on Binance due to a withdrawal network error
Recently, a friend of mine experienced an unfortunate loss in the world of cryptocurrencies that can serve as a valuable lesson for everyone. He planned to transfer $10,000 USDT from his spot wallet on Binance to his partner's account on Bybit, using the BEP20 network (Binance Smart Chain).
However, while processing the transaction, he accidentally selected the opBNB network instead of BEP20. Apparently, everything seemed to be in order, but when the funds did not appear in the destination account, the problems began. The $10,000 got stuck, as the opBNB network is not compatible with the address on Bybit.
Despite his efforts to communicate with technical support, recovering funds from incompatible networks is a complicated process, and so far he has not been able to retrieve his money.
Lessons we should learn:
1. Always verify the withdrawal network: Before confirming any transaction, make sure that the selected network is compatible with the destination address.
2. Confirm the address twice: A single mistake can lead to the loss of funds.
3. Don't rush: Acting hastily in the world of cryptocurrencies can be costly.
Cryptocurrency transactions are fast and irreversible. Always take an extra moment to verify all details before sending funds. A simple precaution can save you thousands of dollars!
Recently, a friend of mine experienced an unfortunate loss in the world of cryptocurrencies that can serve as a valuable lesson for everyone. He planned to transfer $10,000 USDT from his spot wallet on Binance to his partner's account on Bybit, using the BEP20 network (Binance Smart Chain).
However, while processing the transaction, he accidentally selected the opBNB network instead of BEP20. Apparently, everything seemed to be in order, but when the funds did not appear in the destination account, the problems began. The $10,000 got stuck, as the opBNB network is not compatible with the address on Bybit.
Despite his efforts to communicate with technical support, recovering funds from incompatible networks is a complicated process, and so far he has not been able to retrieve his money.
Lessons we should learn:
1. Always verify the withdrawal network: Before confirming any transaction, make sure that the selected network is compatible with the destination address.
2. Confirm the address twice: A single mistake can lead to the loss of funds.
3. Don't rush: Acting hastily in the world of cryptocurrencies can be costly.
Cryptocurrency transactions are fast and irreversible. Always take an extra moment to verify all details before sending funds. A simple precaution can save you thousands of dollars!
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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