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Revolut User Loses $1,500 in USDC Due to Confusing Deposit Instruction
A user of Revolut, a British multinational neobank and fintech company, has claimed that he got confusing deposit instructions, and then he lost 1,500 USDC in a transfer. The claimant, Tzoni Raykov, a native of Bulgaria, first thought that he had followed the right steps while transferring USDC from an external wallet to his Revolut account two months ago
Initially, Raykov sent 10 USDC on the Polygon Network for a test transfer, as per the deposit instructions of the company. After the test transfer was done successfully, the claimant transferred the rest of the amount
However, this time, mistakenly, rather than choosing the Polygon sidechain (Polygon Pos) from the dropdown bar, he chose another option called Polygon (Bridged). He immediately realized that something had gone wrong after the funds weren’t transferred to his account
Revolut Acknowledges Confusion but Sticks to Policy Amid User Loss
Raykov revealed that he tried to connect with the Revolut support team, but they denied the request to recover his funds and said that they could do nothing in this matter. Although the team accepted the confusion and said that the application identifies Polygon without distinguishing between standard and bridged options
The team further noted that the firm would note the feedback for future improvements. A spokesperson of the company mentioned that the policy was standard industry practice. After losing around $1,500, Raykov felt powerless
The cross-chain stablecoin of Circle holds a crucial part, that is, the capability of transferring USDC between Polygon and Ethereum. Ethereum and Polygon-based transfers are not supported by Revolut at all, but exclusively the native tokens that are created on each respective blockchain.
But mistakenly, Raykov selected Polygon (Bridged) as a transfer network, which led to the swapping of USDC for bridged tokens called USDC.e.. After the appearance of native USDC on Polygon, Cicle is discontinuing USDC.e.
However, during the time of transition period, as some apps still back bridge transfers, a lot of token and network options lead to confusion
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