By Harry Mottram: A classic example of the unregulated Wild West nature of cryptocurrency was highlighted recently by oil engineer worker Tzoni Raykov when he tried to transfer amounts between two accounts. He explained to the BBC that he had held an account with Revolut for several years – using its app to split bills with friends after going out for dinner or drinks. They would pay each other using traditional currency, like the pound sterling or US dollar. But after seeing the e-money firm advertise its cryptocurrency services, he decided to give it a try.
Tzoni said he thought it would be a straightforward transfer of cryptocurrency coins and his initial trial of transferring 10 USDC was fine using Polygon PoS. Then he decided to transfer 1,500 USDC but the amount failed to appear in his account because he didn’t realise that a slightly differently named firm Polygon (bridged) caused the coins to be converted into USDC.e – a different cryptocurrency which Revolut don’t handle.
Unlike the banking industry there is little regulation for cryptocurrency outfits meaning there is little recall when things go wrong. Pictured is the so-called Crypto-King Sam Bankman-Fried whose company FTX was at one point worth around £25 billion but collapsed when it was found to be fraudulent.
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