💥 So painful! Just a month ago, I took a huge hit in a USDT transfer, losing a total of 26,800 USD just like that. It was heart-wrenching! But learning from adversity, I've gathered some experiences about transferring USDT, and I’m sharing them to help you avoid pitfalls.
I was so frustrated about that mistake at the time. I planned to transfer 25,500 USD worth of USDT from my KuCoin account to a business partner, who gave me an ERC20 network address. I thought it would be a smooth process, but I was careless and mistakenly selected the Polygon network. The key point is that I didn't even notice it and directly confirmed the transfer. To my surprise, the money was instantly deducted from my account, but no matter how long I waited, it never arrived in my partner's wallet.
Later, the two of us put in a lot of effort to remedy the situation and finally understood that the target address does not support deposits on the Polygon network at all. Now it’s a mess; because the networks didn't match, this USDT has completely gone to waste and can't be recovered, we can only stare blankly and accept the loss.
From this incident, I realized how important it is to verify information before a transaction. There are mainly two key issues:
1. Network mismatch: My partner's wallet clearly needed the ERC20 network to receive funds, but I mistakenly used the Polygon network. This mistake led to total failure.
2. Non-reversible: Cryptocurrency transfers are not as user-friendly as bank remittances. Once you confirm the transfer, it's like water spilled out; you can't get it back. If something goes wrong, you can only bear the consequences yourself.
To prevent everyone from experiencing the tragedy I faced, I’ve summarized a few lessons that you must remember:
1. Carefully verify the wallet address: No matter how troublesome it is, take your time to look at it a few more times, and make sure the wallet address matches the specified network completely. Don't make such a basic mistake like I did.
2. Match the correct network: You must double-check that the network you selected is fully compatible with the network supported by the recipient. This point cannot be taken lightly.
3. Test with a small amount before a large transfer: If it involves a large transfer, don’t rush to transfer everything at once. It’s better to send a small amount first as a test, confirm everything is fine, and then transfer the larger amount. This way, it will be much safer.
This loss has really left a deep impression on me. I sincerely hope my lessons can serve as a warning to everyone, and you must not repeat my mistakes!
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