Revolut Faces Criticism Over Cryptocurrency Loss
The fintech company Revolut is facing criticism after denying reimbursement to a customer who experienced a loss of cryptocurrency due to what he claims were inadequate deposit instructions.
Customer’s Experience with Cryptocurrency Transfer
Tzoni Raykov, a Bulgarian oil engineer, attempted to transfer $1,500 in the stablecoin USDC from an external crypto wallet to his Revolut account. Initially, he tested the process by sending a smaller amount of $10 via the Polygon POS (proof of stake) network, which was successfully received.
However, when Raykov proceeded with the larger transfer of $1,500, he mistakenly selected the ‘Polygon (bridged)’ network. This choice converted his USDC into a form that Revolut does not support. Consequently, while he confirmed that the company received the bridged USDC, it did not accept this version of the asset, and the funds have remained untraceable, appearing neither in Raykov’s account nor being returned to him.
Company Statement and Customer Frustration
In an interview with the BBC, Revolut stated that it could not assist in recovering the funds, citing the complexities involved in managing various token and chain combinations as standard practice in the industry.
Raykov expressed frustration with the situation, feeling that the deposit instructions provided by Revolut lacked sufficient clarity. He accused the company of hoping he would eventually give up on retrieving his lost funds, stating, “It is ridiculous that they can behave like this.“
The ongoing issue highlights the challenges that users face when navigating cryptocurrency transfers and the importance of clear communication from financial service providers regarding their systems.
