Dear HydraDX Community,

I am zengsw, a Polkadot technology enthusiast (my X account: https://x.com/zengsw123). A month ago, I made a serious mistake. I used WBTC as collateral to borrow 12,000 USDT on the HydraDX network. Due to my recent familiarity with some functions and the operation interface of hydration.net, I mistakenly thought that the borrowed USDT was on the Polkadot Asset Hub network. Consequently, I directly deposited the 12,000 USDT into Binance, resulting in the funds not being credited to my account.

Sequence of Events

On December 21, 2024, I discovered that the interest rate for collateralized loans on the HydraDX platform was only 4%, which is much lower than the borrowing interest rate on Binance. I thought about borrowing a sum and then repaying part of my loan on Binance.

After borrowing USDT on HydraDX (at this point, the USDT was still on the HydraDX chain), I did consider that I needed to perform a cross-chain transfer to move the funds. However, on the HydraDX cross-chain operation page, when selecting the source chain as HydraDX, I couldn’t find my USDT asset in the list below. At the same time, on the wallet page, my USDT asset was clearly labeled as being on the Polkadot Asset Hub network. Additionally, on the USDT asset transfer page, there was also a label indicating Polkadot Asset Hub. Since Binance supports deposits from the Polkadot Asset Hub network, I went ahead and transferred the funds directly for withdrawal.

My deposit address on Binance is: 16ZQnKNNbkLWDyq5zJqSJhAeJVeK3a4hviKbNGswcZ5tZgZW
Through on-chain inquiries, you can see that there are 12,000 USDT assets under this address, but these assets are on the HydraDX network. https://portfolio.subscan.io/account/16ZQnKNNbkLWDyq5zJqSJhAeJVeK3a4hviKbNGswcZ5tZgZW
Switching to the HydraDX chain for inquiry, the actual USDT address is: 
7P9y4pUmp5SJ4gKK3rFw6TvR24eqW7jVoyDs8LPunRYcHuzi 
https://hydration.subscan.io/account/7P9y4pUmp5SJ4gKK3rFw6TvR24eqW7jVoyDs8LPunRYcHuzi

Transaction link: https://hydration.subscan.io/extrinsic/6620041-3
Extrinsic Hash:
0xeca8169b68b6b0b20127c38647715aa91b61e69cb570969482c031d0a54074c5

The sending address is: 7KATdGaienjW2hCZcqNLE83MqTdp5M94sULzbWUMLrYCuB2L

After the incident occurred, I immediately contacted Binance customer service and also sought help and solutions in the HydraDX Chinese and English communities. The preliminary conclusion I arrived at was that the solution hinges on Binance. Thus, I engaged in multiple and lengthy communications with Binance customer service and some of their supervisory leaders. The final conclusion was that it is not feasible for Binance to resolve my issue through the wallet private key, and the cost of developing support for the HydraDX network far exceeds the 12,000 USDT. Meanwhile, they provided a solution approach, which is to initiate a community vote to utilize the forcetransfer function to return the 12,000 USDT to its original source.

Proposed Solutions:

On the HydraDX network, the 12,000 USDT can be returned to its original address: 7KATdGaienjW2hCZcqNLE83MqTdp5M94sULzbWUMLrYCuB2L

Request for Action: 

I earnestly request the assistance of the HydraDX Community to help rectify my mistake. I am willing to provide any additional information or explanations that may be required. I personally apologize for this oversight and any inconvenience it may have caused. I deeply blame and regret myself for not being familiar with the HydraDX page operations and for not starting with a small test transaction before making a large transfer. However, the 12,000 USDT is of significant importance to me, and I hope to receive the support of the HydraDX Community to help me resolve this issue.

Thank you for considering my request,
Zengsw