Financial technology company Revolut has come under scrutiny following the case of Bulgarian citizen Tzoni Raykov, who alleges significant losses of cryptoassets due to unresolved refund requests. Raykov reportedly lost his assets when he attempted to transfer $1,500 worth of USDC to his Revolut account from a separate wallet, encountering a technical error during the process.
Transaction Troubles
Before initiating the transactions, Raykov conducted a test transfer of $10 without any issues. He opted for the Polygon POS (proof of stake) network, and this transaction was completed successfully. However, during the subsequent transfer of the same asset amount, he encountered problems due to selecting a different network.
In the transfer worth $1,500, Raykov used the “Polygon (bridged)” option, which resulted in the USDC being converted to the bridged version, USDC.e. Since Revolut does not support USDC.e assets, the transaction could not be completed, leading to the reported absence of the amount in Raykov’s account and no refund being issued.
Errors in Crypto Transfers
In a statement to BBC regarding the issue, Revolut explained that due to technical challenges, it is not feasible to support every token and network combination. They stated, “As a standard industry practice, recovering unsupported assets falls outside our company’s scope.”
Revolut: “Standard industry practice requires that unsupported asset recovery is outside our company’s scope.” Raykov has expressed that Revolut’s instructions were not sufficiently clear. He feels wronged by the situation and continues to fight for compensation for his losses after the complications encountered during the transaction process.
This incident has sparked discussions about the technical issues arising from using different network options in crypto asset transfers. The legal and technical aspects of the problem are expected to be evaluated by the involved parties in the coming period. As it stands, if a transfer is made from a network that is not supported, users must wait for the platform to support that network for the balance to reflect in their accounts. Therefore, it is crucial for users to verify which network and version the recipient address supports before completing transactions.
This article highlights the disputes arising between customers and technology providers due to such experiences. There is a consensus that to prevent such incidents, clarity regarding the network options used and transaction instructions is essential during transfer processes.
