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How the winner cashed in the winnings through a crypto wallet
Stories "brought to crypt in a couple of minutes" often omit important details: jurisdictions, limits, KYC/AML, frosts, memo tags and even the risk of "freezing" stablecoins by the issuer. Below is a realistic reconstruction, where the winner legally and accurately cashes out a large win through a crypto wallet, without substituting either himself or the operator.
1) Prologue: why crypt in general
The winner (let's call him Sergey) chooses a cryptocurrency conclusion, because:- withdrawal to a card in his bank is agreed for a long time;
- he wants to transfer part of the funds to relatives abroad;
- it already has a verified exchange with a verified account.
- Sergey understands: crypt ≠ anonymity. Any legitimate cashout includes KYC/AML and the on-chain trail.
2) Preparation before output request
2. 1. Documents and rules
KYC is held by the operator (passport/ID, address, with a large amount - source of funds).
Reads T & Cs payouts: limits, supported networks/coins, deadlines, need-to-know by memo/tags.
2. 2. Coin and net selection
For stability - stablecoin (USDT/USDC).
For cheap commissions - L2/low-commission networks (for example, Tron/TRC20, Arbitrum/Optimism for USDC/USDT, or alternatives from the exchange).
Understands the risks: stablecoins can be frozen by the issuer at "black" addresses; BTC - slower and more expensive during peak hours; Networks with a memo/tag (XRP, XLM, BNB Beacon/Chain) require a mandatory memo/Tag.
2. 3. Purse
Self-custody (for example, a hardware or mobile wallet with a seed phrase).
Writes seed offline, does not transfer to anyone, stores in two physical places.
Includes address book and white list of addresses (if wallet/exchange supports).
3) Cashout timeline (realistic scenario)
Day 0, 19:05 - confirmation of the win.
Sergey receives a notification in his personal account, saves the ID of the round. Support reports: output in crypt is possible after KYC and log checking.
19:40 - rail selection.
Sergey decides to withdraw USDC on the Arbitrum network: quick confirmations, low commissions, convenient off-ramp on his exchange. He considers alternatives (TRC20 Polygon) as spare.
19:55 - address creation.
He copies the exact deposit address of USDC-Arbitrum from his exchange (KYC passed in advance). Checks the net/coin 3 times. For networks with MEMO/Tag, I would also check the tag; it is not required for Arbitrum.
20:05 - test translation (required).
Asks the operator for a mini-payment of $20-50 to check. After a few minutes, the transaction arrives; he does not touch these coins until the main arrival (the address is "warmed up").
20:25 - the main conclusion.
The operator sends the principal amount. Sergey tracks the transaction in the block explorer and sees the enrollment on the exchange.
20:50 - disaggregation and safety.
On the stock exchange, he divides the amount into several lots (leaves part in stablecoin, part - prepares for sale). Includes 2FA, anti-phishing code and address whitening.
Day 1 - off-ramp to fiat.
Sells part of USDC for local currency through an official spot/conversion (not gray P2P schemes).
Displays to your personal bank account, which coincides with the data of the KYC exchange (reduces compliance issues).
The remainder of the stablecoins is left for long-term purposes and transfer to relatives (to their verified accounts).
4) Fees, limits, memo - how not to make a mistake
The network and coin must match at the operator, wallet and exchange. Error = no return.
Memo/Tag/X-destination is required in networks like XRP/XLM/BNB Beacon - without it, the exchange will not enroll.
The test transaction saves thousands: you check the address/network/memo for a small amount.
Consider network fees and confirmation times (load peaks = more expensive/longer).
Ask the operator about internal limits (daily, weekly, tranche plan) and mandatory comments on the translation.
5) Law and compliance: where subtly
KYC/AML are inevitable. Casinos, exchanges and payment providers - VASP subjects; Travel Rule and sanctions/risk list checks are in effect.
Sources of Funds (SoF). Large amounts → confirmation can be requested (win screen, operator's letter, statements).
Stablecoins can be frozen by the issuer if the address gets into the investigation; do not transfer funds through questionable services/mixers.
Taxes. Foreign exchange gains and/or gains are subject to declaration under the laws of your country. Make a tax reserve and consult.
6) OPSEC: Winner's Digital Hygiene
Official channels only. All agreements with the operator are in your personal account; do not click links from chats.
2FA/hardware keys. On the stock exchange, in the mail, in the bank.
Addresses - by QR and in the white list. Less risk of "clipboard spoofing."
Seed offline. No photos of seed phrases, clouds and letters to yourself.
Pause for showcase spending. 90 days without big purchases and public "beacons."
7) Off-ramp: how to turn a crypt into a fiat without adventure
1. Level 1 exchange in your jurisdiction (or allowed for residents) passed by KYC.
2. Sale via spot/conversion rather than grey P2P - unless urgently needed.
3. Withdrawal only to a registered bank account that matches the KYC data.
4. Documents at the ready: screen ID of the round, a letter from the operator about payment, an extract from the exchange - in case of a bank question.
5. Bank limits. Find out the daily/monthly limits so as not to get to the compliance stop.
8) What the operator should provide (look from the other side)
Clear showcase: supported networks/coins, commissions, limits, need for MEMO/Tag.
Double check of the address (confirmation of the network and coins, warning about MEMO).
"Test transaction" option and automatic issuance of tx-hash.
Payment certificate (amount, network, tx-hash, date) - facilitates SoF on the bank/exchange side.
Proactive KYC/SoF procedures prior to dispatch to avoid on-chain rollbacks/freezes.
9) Frequent mistakes and how to avoid them
Invalid network (ERC-20 vs TRC-20, etc.). Check three times; make a test payment.
Ignore MEMO/Tag. On XRP/XLM/BNB without tag - loss of enrollment.
Grey P2Ps with "cash couriers." Risk of fraud and legal consequences.
Storing seed in notes/photos. Losing your wallet is a matter of time.
Mixing "dirty" addresses. Transfers from/to dubious services increase the chance of freezing and compliance issues.
10) Short "card" of Sergey's case
Coin/net: USDC/Arbitrum
Steps: KYC from the operator → a $25 test → the main transfer → crediting to the exchange → spot sale of part of the fiat → to a personal account.
Security: 2FA, whitelisting, address verification, tax reserve.
Dock package: round ID, operator's letter of payment, tx-hash, exchange statement.
Result: fiat on the account for 1-2 bank days, the balance - in stablecoin for the purpose of the family.
Cashout through a crypto wallet - quickly only when it is also correctly arranged: the coin and the network matched, KYC passed, a test transaction was made, MEMO/Tag and limits were taken into account, off-ramp goes to your personal account, and the documents are ready for the bank/tax. Crypt gives flexibility, but does not overturn the law. Follow the rules - and winning quietly turns into money in the account without unnecessary nerves.