A month ago, my friend made a serious mistake while transferring USDT, resulting in a loss of $25,500. This painful experience reminded us to be especially careful in cryptocurrency transactions. Here is the story, along with the lessons every cryptocurrency user should learn.
**Wrong Transfer**
My friend intended to transfer $25,500 worth of USDT from his KuCoin account to his business partner's OKX wallet. The other party provided a wallet address that supported the ERC20 network and hoped to complete the transaction smoothly. But the problem arose here:
While setting up the transfer, my friend accidentally selected the Polygon network instead of the correct ERC20 network. He did not notice this mistake and proceeded with the transaction.
After the transfer was confirmed, the USDT was deducted from the KuCoin account but never arrived in the other party's OKX wallet. Despite multiple attempts to retrieve the funds, the money could not be recovered because the OKX wallet does not support deposits on the Polygon network.
**Lesson: Avoid Major Mistakes in Cryptocurrency**
This incident again reminds us to be very careful before each cryptocurrency transaction and to double-check all information.
**The Issues:**
1. **Network Mismatch**: The sending wallet address supports the ERC20 network, but the transaction used the Polygon network.
2. **Irreversible Transactions**: Unlike traditional banks, cryptocurrency transfers, once confirmed, cannot be reversed or corrected.
**Best Practices to Avoid Similar Errors:**
To avoid similar issues in the future, here are some suggestions:
1. **Double-check Wallet Addresses**: Always verify the recipient's address and the blockchain network they specified.
2. **Ensure Network Consistency**: Choose a network that matches the blockchain network specified by the recipient.
3. **Conduct Small Test Transfers First**: Before making large transfers, send a small amount of funds to ensure everything goes smoothly.
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