By Richard Hines
According to reports, thousands of crypto users have swapped tokens from Polygon to Ethereum. However, ZenGo crypto wallet reveals that not all of these swaps were completed, leaving approximately $37 million in unswapped tokens on the Polygon network.
Swapping Token Between Networks
In the crypto space, a recorded crypto swap has been taking place, with investors swapping their tokens from Polygon to Ethereum. However, due to a delay in the swapping caused by two factor authentication, $37 million tokens remain unclaimed in the network.
This swap has occurred as a result of a bridge built between the Ethereum and Polygon networks, allowing users to access both chains and conduct transactions from one to the other. Users can bridge from the Ethereum network to the Polygon network with just one transaction. However, the reverse process takes longer.
Users who want to move their tokens from the Polygon network to the Ethereum network must transfer their tokens to Ethereum and wait for more than an hour to claim these tokens and successfully withdraw them.
Uncompleted transactions totaling approximately 35,000 have been discovered, with users transferring to Ethereum but failing to complete the claiming process. The ZenGo crypto wallet revealed this information in a blog post.
These pending transactions accounted for $27 million in unclaimed and hanging funds.
These assets range from ETH to stablecoins such as USDT and USDC.
Claim On Behalf Of A User
This information was shared by ZenGo to the team in charge of the Polygon bridge network.
The team also worked to file transaction claims on behalf of one client who had an unclaimed $2 million transaction.
This client began the withdrawal process in May but did not see it through to completion.
Anyone can make a transaction claim, but the funds claimed will always go to the owner of the funds, and whoever makes the transaction claim will bear the cost of the transaction fee.
It is amusing to note how one could forget about millions of dollars, but it is safe to say that these were not the clients’ intentions as they encountered challenges in the process of claiming and made the mistake of not pursuing their claims further. This was noted by ZenGo’s co-founder.
However, not all funds have been forgotten; some may be in the process of withdrawal, as noted by ZenGo’s chief security officer.