For oil engineer Tzoni Raykov, trading cryptocurrency was just a casual activity. But losing $1,500 due to an administrative error has left him deeply concerned about how the crypto industry treats users.

Tzoni, a Bulgarian national, had been using the Revolut app for years — mostly to split bills with friends after dinner or drinks. All transactions were in traditional currencies like GBP or USD. But after seeing Revolut advertise its crypto services, he decided to give it a try.

What was supposed to be a simple transaction turned into a frustrating loss — with little support from the platform.

The beginning of the problem

In February, Tzoni decided to transfer some of his USDC coins from another crypto wallet to Revolut. He first tested the process with a small amount — 10 USDC — and it went through successfully. Encouraged by this, he sent another transaction with 1,500 USDC — but the funds never appeared in his account.

As it turned out, Revolut does not support USDC.e tokens, which he had unknowingly sent. The issue stemmed from unclear deposit instructions in the app. In his successful test, he used the “Polygon PoS” network. For the second transfer, he selected “Polygon (bridged)” — which automatically converted the tokens into USDC.e, a technically different asset.

Revolut’s response: “Out of scope”

At first, Revolut support seemed to acknowledge the issue — stating the network caused a token conversion. But in its official response, the company shifted the explanation, claiming the problem wasn’t due to the network, but because USDC.e tokens are not supported by their infrastructure.

Revolut stated that “recovering unsupported assets is not within Revolut’s scope”, citing technical complexity and industry norms.

“They’re just waiting for me to give up”

Tzoni finds this attitude unacceptable:

“They’re just waiting for me to get bored and give up. But I won’t. The coins are still inside Revolut’s system. It’s absurd for a company this big to act like this.”

In traditional banking, such a mistake would likely be reversed and the money returned to the customer — thanks to industry-wide standards. In the crypto space, no such protections exist.

An industry worth trillions, but full of pitfalls

While Tzoni’s loss is small in comparison to the broader crypto market — which peaked at $3.9 trillion in December 2024 — it highlights ongoing issues. From the collapse of FTX to billion-dollar hacks, the sector has seen multiple high-profile scandals.

Experts like Prof. Mark Button warn that the rapid growth of some crypto firms has left them with poor financial controls and security gaps:

“If we want to take crypto seriously in the future, it must be regulated.”

How can users protect themselves?

According to Mykhailo Tiutin, CTO of AMLBot, users must research platforms thoroughly and understand the risks. Even seasoned professionals have lost funds due to administrative mistakes.

“Ultimately, success and loss in crypto are your own responsibility.”

Conclusion

Tzoni Raykov’s story is a cautionary tale. Without clear standards or consumer protections, even the most careful crypto users can lose their funds in an instant. Until the industry evolves with better regulations and accountability, trust remains a fragile concept in the world of digital assets.