For Tzoni Raykov, a Bulgarian oil engineer and crypto user, crypto trading was just a casual hobby. However, a single mistake in February 2024 cost him $1,500 and left him feeling powerless and unsupported by one of the biggest fintech platforms in Europe.
Tzoni’s case shines a light on a major issue in the crypto industry: the lack of protections that traditional banking customers often take for granted.
A Simple Mistake Turns Costly
Tzoni had used Revolut for years, mainly to split dinner and drinks bills with friends. But after seeing that the app supported cryptocurrency, he decided to give it a try, like any curious crypto user would.
He had some USDC — a popular stablecoin — stored in a separate wallet. To test the process, he first sent 10 USDC (worth $10) to his Revolut crypto wallet. It worked fine.
Encouraged, he attempted a second transfer — this time of 1,500 USDC, valued at $1,500. But something went wrong. The funds never showed up in his Revolut account.
Confusing Instructions on Crypto Transfers
The issue was due to the blockchain network used for the transaction.
When transferring cryptocurrency, crypto users must select a network, similar to choosing a courier service when mailing a package. In Tzoni’s first successful transaction, he used the “Polygon PoS” network, a version of the Polygon blockchain.
But in the second transfer, he chose a slightly different option called “Polygon (bridged).” He believed it would work the same way.
It didn’t.
This choice caused the coins to arrive as USDC.e, a different token, which Revolut does not support.
Revolut’s Vague Warnings
Tzoni blames Revolut’s unclear instructions for the error. A screenshot he shared shows Revolut advising crypto users to use the “Polygon” network, but it doesn’t clearly explain the difference between the two Polygon options.
When Tzoni contacted Revolut’s support, they told him the error came from using the wrong version of the network. Support staff admitted the app “does not differentiate between standard and bridged options.”
Still, Revolut later gave a different response when asked by the media.
The company said the issue was not caused by the network or any conversion process. Instead, it blamed the failure on the fact that USDC.e is not supported by its system.
Revolut also stated that recovering unsupported assets is not part of its services — a common practice across the crypto industry.
As a result, the $1,500 worth of USDC.e tokens remain stuck. Tzoni has neither received the funds in his Revolut account nor had them returned to his original wallet.
“They Want Me to Give Up”
Tzoni says Revolut’s handling of the situation is unacceptable. He believes the company is hoping he’ll simply give up and accept the loss.
“But I won’t,” he told reporters. “The coins are there, inside their system. It’s ridiculous that they can behave like this.”
He’s especially frustrated because Revolut has grown into a major financial player. With over 10 million users in the UK and a provisional banking license, many crypto users trust the app for both traditional and digital finance.
In traditional banking, similar mistakes are usually fixed. A code of practice introduced in 2014 ensures mistaken transfers of fiat money can be reversed.
But in the crypto world, there are no such protections.
The Bigger Picture: Crypto Still Faces Growing Pains
Tzoni’s story isn’t just about one person’s loss. It highlights broader concerns about customer safety and company accountability in the crypto space.
The industry has seen massive growth in recent years. In December 2023, the global crypto market reached a $3.9 trillion peak, boosted by Donald Trump’s re-election. However, it later dropped by $1.1 trillion, according to CoinGecko.
Despite this volatility, crypto users continue to grow in number. Governments in the U.S. and elsewhere are updating policies to support the industry. But scandals still haunt the sector.
FTX, Sam Bankman-Fried, and Industry Failures
One of the most infamous examples is FTX, once a leading crypto exchange. In 2022, it collapsed. Its CEO, Sam Bankman-Fried, was later sentenced to 25 years in prison for stealing billions from customers.
Investigators were shocked to find that FTX had used QuickBooks — a basic accounting software meant for small businesses — to handle its financial records.
John Ray III, the bankruptcy expert tasked with recovering FTX funds, called it “a complete failure of corporate controls.”
He added, “Nothing against QuickBooks. It’s a nice tool — just not for a multibillion-dollar company.”
Bybit Hack Adds to Industry Concerns
Even the world’s second-largest exchange hasn’t been immune to trouble.
A few months ago, Bybit lost $1.5 billion in a hack believed to be carried out by North Korean attackers. The hackers exploited weaknesses in “Safe,” a free crypto storage tool the company was using.
Bybit’s CEO later admitted they should have upgraded their systems long before the breach.
Experts Call for Stronger Regulation
Professor Mark Button, an expert in cybercrime, says the industry’s rapid growth has created major gaps in security and governance.
“For cryptocurrencies to have a safe future, regulation is essential,” he said.
If laws were in place requiring companies to return unsupported coins or provide clearer instructions, crypto users like Tzoni might not have lost their funds.
Users Still Bear the Risk
Mykhailo Tiutin, CTO of AMLBot, says people must be cautious when dealing with crypto. His company offers tools to analyze risky crypto transfers, similar to how banks check account numbers and names before processing payments.
He believes crypto can be safe for everyday crypto users, but it comes with responsibility.
“I’ve also lost coins due to a mistake,” he said. “You have to do your own research. In the end, wins and losses are your own responsibility.”
Tzoni Raykov’s experience is a warning to millions of everyday crypto users. While crypto promises freedom and innovation, it also lacks the basic safety nets that traditional banking offers.
Until regulations improve, crypto users must be extra careful or risk losing their money forever.
