The financial technology firm Revolut has reportedly refused to reimburse a customer who lost crypto assets due to an administrative error.
BBC reports that Tzoni Raykov, a Bulgarian national, lost the funds after attempting to transfer $1,500 worth of the stablecoin USDC from a separate crypto wallet to his Revolut account.
Raykov says he first sent $10 worth of USDC as a test and selected the Polygon POS (proof of stake) network to facilitate the transfer. The $10 transfer was successful.
However, when Raykov subsequently sent $1,500 worth of USDC, he selected the “Polygon (bridged)” network. He says the method of transfer converted the stablecoin into its bridged version, USDC.e. Revolut reportedly received the bridged USDC, but the fintech firm doesn’t accept the asset.
The $1,500 worth of the stablecoin hasn’t appeared in Raykov’s account or been sent back to him.
Revolut told the BBC it couldn’t do anything about the error.
“As is standard industry practice due to the significant technical challenges involved in supporting every combination of token and chain, the recovery of these unsupported assets does not sit within Revolut’s scope.”
Raykov, an oil engineer, says Revolut’s deposit instructions weren’t specific enough.
“They are waiting for me to get bored and give up, to accept the money is gone. But I won’t. It is ridiculous that they can behave like this.”
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