Customer Faces Loss of $1,500 in Cryptocurrency Due to Confusing Transfer Instructions from Revolut
In a troubling incident that underscores the challenges involved in cryptocurrency transactions, Tzoni Raykov, an oil engineer based in the UK, has reported losing $1,500 worth of cryptocurrency due to what he describes as unclear deposit instructions from financial technology firm Revolut. Raykov, who had been using Revolut’s app for several years for activities like splitting bills with friends, decided to explore the company’s cryptocurrency offerings, only to become embroiled in an administrative mishap that left him feeling powerless.
Frustrations with Clear Communication
Raykov’s troubles began in February when he attempted to transfer some of his accumulated USDC coins into his Revolut account. Initially, he exercised caution by sending a small amount of 10 USDC coins worth $10, which successfully appeared in his account. However, his next attempt to deposit a larger sum of 1,500 USDC ended in disappointment. He learned that the funds were not credited to his account, and after consulting with Revolut’s support team, he was informed that his error stemmed from choosing the incorrect transfer network.
Revolut’s instructions indicated that USDC deposits should be made using the Polygon network. While Raykov’s first successful transaction used the “Polygon PoS” network, his second attempt mistakenly utilized the “Polygon (bridged)” option. According to Raykov, this choice inadvertently converted his USDC into USDC.e—a variant that Revolut does not support. “When you treat your customers like this, it makes them feel powerless,” he expressed, highlighting the emotional toll of the incident.
Lack of Consumer Protections
Raykov’s situation brings to light several systemic issues within the cryptocurrency industry, particularly the absence of consumer protections that are commonplace in traditional banking. Unlike major banks that adhere to established guidelines for resolving mistaken transactions—which were implemented in a voluntary code of practice for UK banks—the cryptocurrency sector lacks similar regulatory frameworks.
“The deposit ultimately failed because the USDC.e coins it received were not supported by the company’s technology," a Revolut spokesperson explained. However, this response contradicted initial indications from customer service, which suggested that the issue was related to the choice of network. This inconsistency has added to Raykov’s frustration, leading him to believe that clearer and more detailed instructions could have prevented his loss.
The Broader Context
Raykov’s experience is not an isolated case. As cryptocurrency markets continue to grow, so too do incidents involving customer mishaps and losses. The sector has witnessed a massive upswing in value, but recurring scandals—such as the collapse of FTX—have raised significant concerns regarding regulation and accountability. Industry experts argue that enhanced oversight is urgently needed to ensure that users have greater protections and clearer guidance when engaging with cryptocurrency services.
According to cybersecurity researchers, rapid growth in the cryptocurrency sector often outpaces firms’ abilities to maintain robust security and operational standards. Experts like Mykhailo Tiutin—CTO at AMLBot—advise potential users to conduct thorough research when choosing platforms and to proceed with caution, as mistakes can be costly.
Final Thoughts
Raykov remains adamant that he will not give up on retrieving his funds, which he believes are still within Revolut’s system. “They are waiting for me to get bored and give up, but I won’t,” he stated. As the cryptocurrency landscape continues to develop, his case serves as a poignant reminder of the pressing need for clear instructions and consumer protections in a rapidly evolving financial environment.
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