Hey guys, how are you doing? I am here to give update on my yesterday post based on my previous post where I talked about my untenable token experience. I have been trading crypto for over 5 years and I have never made any mistakes in terms of token transfer, except one time on Hive where I sent Hive to my binance without inputting my MEMO. Aside that, I have always been careful with how I trade tokens and transfer. First of all, before I give you the details, I will like to tell you that centralised exchanges, especially Kucoin, are thieves. Centralised exchanges can take your money and there is nothing you can do, remember, nit your keys, not your coin.
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With centralised exchanges, we are just borrowing the space, they own our coin and can do anything with it. So yesterday, I was trying to sell my ZBC token, so I sent it to my OKX wallet, OKX tagged the token untraceable even though the token is listed on their exchange and I used the address provided by OKX, but I was surprised to see that the token was tagged untradable, I checked kucoin and kucoin listed the token. So I thought sending the token would be a better idea, OKX charged me 1 USDT as withdrawal fee, which was fair because I was trying to withdraw $76 worth of ZBC.
I succssefully sent the token to my kucoin account, but after several hours I didn’t see my token, so I sent the customer support a message. I was shocked to hear that the ZBC whose address was provided again, by kucoin was from a different smart contract, and the biggest shocker was that I needed to pay 80 USDT to have my $76 ZBC sent back to my OKX account. Remember OKX charged me 1 USDT, now Kucoin is charging me 80 USDT, obviously I cant pay that, but count that as a lost. This is a huge disadvantage of centralised exchange, for now, the token is not mine because either dont own the keys to the wallet. Remember that not your keys means not your coins. I am sad that I have lost the money, but this is just a loss and lessons learnt, I will either wait to pay that 80 USDT if the token miraculously pumps 10X or move on with my life.
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