Bad UI design of desktop app when withdrawing BUSD – funds lost!

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Today I made the mistake of withdrawing BUSD to a USDC address.

The situation:

I wanted to withdraw my BUSD today to an USDC address. When you deposit USDC from another exchange, its auto converted to BUSD. I was under the assumption the same thing would happen when you withdraw.

In the Binance desktop the screen looks like the picture below:

It says auto converison enabled. Therefore I assumed it would be auto converted to USDC, but that was not the case. Now I have lost the funds completely…. Ofcourse I blame myself aswell for this.

I hope other users will learn from this!

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[Withdraw screen BUSD](https://preview.redd.it/9bt70dmv4oca1.png?width=1214&format=png&auto=webp&v=enabled&s=6c8cd31c055836e1533a49e5c9fe09efeeed6968)

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Posted in Binance Reddit

4 Comments

  1. International-Baby-3 on 14. December 2023 at 23:20

    always test withdrawal with 100M $ first just to test and then only do the rest.

     


  2. nickless09 on 14. December 2023 at 23:20

    >I was under the assumption

    There’s your mistake, never ever assume. and if you did already, send a small amount first, what’s the hurry?

    It’s been said since like 2014, are you living under a rock or something?

     


  3. [deleted] on 14. December 2023 at 23:20

    you can have busd on “usdc address”.
    learn about tokens and networks first

     


  4. DingWrong on 14. December 2023 at 23:20

    Kraken also refused to send back a similar wrong network transfer not long a go.