Topic: We should pay more attention to every detail (Read 30 times)

If you miss adding the memo for some CEX, they have a mechanism for the recovery of such funds although the difficulty and requirements vary from exchange to exchange. I know that Binance has one of the easiest procedure at minimal cost while Kucoin is the most cumbersome when it comes to mistakes of this nature. The fee alone might make you decide to forget about the money plus the long waiting period of writing emails and contact the customer service, I'm talking from experience. I have not and will never encounter such problem with other CEX though as I'm more careful now than then. Therefore, it is not a problem one should have though so the best way is to avoid such problem.

This happened to a friend of mine in November. He send USDT on Ton network from Mexc to Bybit but he forgot to add the memo/tag. I asked him about it and he told me he added it. When we confirmed on blockchain, he did not add the memo. We contacted Bybit customer care and he filled a form and the money was later sent back to MEXC after some days. We filled another form on Mexc and Mexc refunded him the money. Tell your friend to do that. He can recover his money. But he should not make such mistake again.

The recent Ton address does not require memo. I hope all exchanges will be using it soon like Bitget.

When making a transaction on any chain, be it onchain or CEX, it is pertinent that one properly and carefully cross check their wallet addresses both the sending and  receiving addresses and every other task or requirements before proceeding to the next phase of the transaction. I have come to realize that most times, we are being distracted or our attention is not really on what we are doing at that moment or maybe something caught our attention while carrying out a transaction and in some cases, we make mistake. I have had such experience in the past and it cost me a huge fund though but  I learnt from my mistake then.

When carrying out a transaction, one should endeavor to take note of the procedures involved to make the withdrawal or transfer, if it means you copying the details to manually input them, do it for your own safety. Avoid side talks, concentrate and pay attention to your transaction for that moment as it would not take your whole time. A mistake made in the cause of a transaction might cost a whole lot if such happens so it would be better to avoid such and focus while in the process. Carefully go through the withdrawal process twice to see for yourself what is obtainable so you do not skip any in the withdrawal or deposit processes, take it a step and  time after the other to avoid the mistake that would cause you your funds or assets.

Greetings my fellow naija brothers, I brought this here as a reminder to many here not just newbies like me because I know that veterans can equally fall for it if  you don't pay proper attention to every details.

This is what I believe that most people might be quite aware off, but few people can equally be a victim to it.
A friend of mine made a ton transaction of 47 dollar worth of ton from his kucoin account to his bybit account, without paying attention to the memo code, he doesn't know that when doing ton transaction, memo code is equally as important as the wallet address, he is actually a veteran in the business but that was the first time he was doing a ton transaction, he thought that it's just only a wallet address that is required, and that was how he lost his 47 dollar worth of ton,  though their is a recovery procedure in bybit, but they weren't responsive to his request and that was how he lost such a huge amount of money.
So we should be very careful when doing any transaction not just in exchanges, but also in our personal wallets.