A month ago, I encountered an unprecedented setback with USDT transfers, inadvertently losing 26,800 dollars! Now, I want to share my mistakes and experiences of withdrawing funds with you, hoping to ring the alarm for you!
My mistake at a glance
At that time, I planned to transfer 25,500 dollars worth of USDT from my KuCoin account to my business partner. He provided an ERC20 network address, and I thought the transfer process would go smoothly. However, during the operation, I carelessly selected the Polygon network and confirmed the transfer without carefully verifying it. At that moment, the funds were deducted from my account but did not arrive in his wallet for a long time.
After multiple attempts and investigations, we finally discovered the root of the problem: the target address does not support deposits on the Polygon network at all. Therefore, this USDT completely disappeared due to the network mismatch and cannot be recovered.
Summary of painful lessons
This experience made me deeply realize the importance of verifying information before transactions. Here are two key lessons:
1. Network mismatch: Always ensure that the transfer network matches the network supported by the recipient's wallet. I paid a painful price for mistakenly selecting the Polygon network.
2. Transfers are irreversible: Cryptocurrency transfers are fundamentally different from bank remittances; once a transfer is confirmed, it cannot be undone. Therefore, any mistakes will lead to irretrievable losses.
Sharing my experience of withdrawing funds
To prevent a similar tragedy from happening again, I summarize the following experience of withdrawing funds:
1. Carefully verify the wallet address: No matter how troublesome, double-check the wallet address and designated network multiple times to ensure everything is perfect.
2. Matching the correct network: Always confirm that the selected network is fully compatible with the network supported by the recipient's wallet before making a transfer.
3. Test with a small amount before large transfers: Before making large transfers, you can first send a small amount as a test, and after confirming its accuracy, proceed with the large transfer.
This loss left a deep mark on me, and I hope it can alert you as well. Never overlook these seemingly trivial details!
Despite suffering significant losses, I have not lost confidence in the cryptocurrency market. Recently, I am looking for a cryptocurrency with great potential to invest in, hoping to achieve a double or even tenfold return.
If you also want to keep up with my pace, feel free to like and comment. Let’s seek opportunities in the cryptocurrency market together and create brilliance! I have been observing the puppies token for a long time, and I believe it will be the next shib.
