{"id":2920,"date":"2025-06-05T16:08:01","date_gmt":"2025-06-05T15:08:01","guid":{"rendered":"https:\/\/checkaco.com\/blog\/?p=2920"},"modified":"2025-06-05T16:08:23","modified_gmt":"2025-06-05T15:08:23","slug":"checkaco-consumer-news-beware-transferring-cryptocurrency-between-companies-as-there-is-no-protection-when-things-go-wrong","status":"publish","type":"post","link":"https:\/\/checkaco.com\/blog\/checkaco-consumer-news-beware-transferring-cryptocurrency-between-companies-as-there-is-no-protection-when-things-go-wrong\/","title":{"rendered":"Checkaco Consumer News: Beware transferring cryptocurrency between companies as there is no protection when things go wrong"},"content":{"rendered":"\n<p><strong>By Harry Mottram:\u00a0<\/strong>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 &#8211; 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.<\/p>\n\n\n\n<p>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\u2019t realise that a slightly differently named firm Polygon (bridged) caused the coins to be converted into USDC.e &#8211; a different cryptocurrency which Revolut don\u2019t handle.<\/p>\n\n\n\n<p>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 \u00a325 billion but collapsed when it was found to be fraudulent.<\/p>\n\n\n\n<p>++++++++++++++++++++++++++++++++<br><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mcusercontent.com\/8ae99c0d2f4876b82d701407f\/images\/f118b0d5-5571-1358-5108-1f76436327b0.jpg\" width=\"322\" height=\"104\"><br>Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds<br>Full peace of mind you can buy a report for a tenner but it you buy three reports it\u2019s \u00a320.<br>Quickly view a company\u2019s CCJ\u2019s, legal ownership, credit history, credit score and more.<br>And on the website we have a comprehensive guide to credit checks and why they matter and why out reports are accurate and reliable.<br>Get the low down on any firm at&nbsp;<a href=\"https:\/\/checkaco.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/checkaco.com\/<\/a><br>For details about Checkaco&nbsp;email info@checkaco.com or visit the website&nbsp;<a href=\"https:\/\/checkaco.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/checkaco.com\/&nbsp;<\/a><br>Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK<\/p>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/checkaco.com\/images\/Checkaco%20eshot%20QR.jpg\" alt=\"\" style=\"width:378px;height:auto\"\/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>By Harry Mottram:\u00a0A 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 &#8211; using its app to split bills with [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2921,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[321],"tags":[224,306,323,322],"class_list":["post-2920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-checkaco","tag-checkacocreditscore","tag-credittransfer","tag-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Checkaco Consumer News: Beware transferring cryptocurrency between companies as there is no protection when things go wrong -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/checkaco.com\/blog\/checkaco-consumer-news-beware-transferring-cryptocurrency-between-companies-as-there-is-no-protection-when-things-go-wrong\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Checkaco Consumer News: Beware transferring cryptocurrency between companies as there is no protection when things go wrong -\" \/>\n<meta property=\"og:description\" content=\"By Harry Mottram:\u00a0A 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. 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