Earlier today, I was contacted via DM by a community member who had accidentally “fat fingered” a BTC deposit to an old deposit address for an exchange.
They were multi-tasking at the time, and with split concentration, didn’t see that the “validated” or whitelisted address in their coinbase account was not the deposit address at the exchange they were trying to send coins to.
So this seems like a timely reminder to all community members to be vigilant and follow good crypto practices, particularly when sending coins:
- Never multitask when moving crypto. If it’s not urgent, do it later when you aren’t so busy. If it is urgent, then stop all other activities and focus on the crypto transaction.
- Never assume the deposit address on an exchange hasn’t changed since you last used it. Always check before each deposit transaction.
- Keep your whitelisted addresses updated. If a deposit address is no longer valid, then delete it. If you can’t delete it, edit the name to reflect it as a dead address for you.
- Always remember that you are the one in control of your crypto. There’s no one else to blame if you burn money to a dead address.
- Educate yourself, learn what is considered best practice, and apply those principles to your crypto.
It’s always sad to hear stories about anyone losing their hard earned $$ through mistakes. Stay safe out there 