Business

How Tzoni Raykov lost $1,500 in cryptocurrency due to an administrative error.

Tzoni Raykov, an oil engineer, lost $1,500 worth of USDC cryptocurrency due to unclear deposit instructions from Revolut. He attempted to transfer USDC from an external wallet to his Revolut account, but the transaction failed because he used the wrong blockchain network—Polygon instead of Ethereum. Despite following Revolut's instructions, the lack of clarity led to the error. When he contacted Revolut's support, they informed him that the funds were irretrievable, leaving him frustrated and concerned about the platform's handling of such issues.

 

This incident underscores the complexities and risks associated with cryptocurrency transactions, especially when platform instructions are ambiguous. It highlights the need for clearer guidance from financial platforms to prevent such costly mistakes.