Philippine Crypto Exchange Demands Users Return Bitcoin Bought at $6,000 Following System Error – Exchanges Bitcoin News


PhilippinesThe Pdax crypto exchange recently suffered a costly technical glitch that resulted in Bitcoin trading at 300,000 Philippine pesos (about $ 6,000) – an 88% discount off the current price.

In hand-to-hand combat, some users managed to shop at these ridiculously low prices and they quickly removed the bitcoin (BTC) from their wallets before the bug was discovered, local news agency Bitpinas reported. The actual amount of BTC being hoarded at the price of $ 6,000 is not clear.

However, the Philippine Digital Asset Exchange (Pdax) is now demanding that users return the Bitcoin or take legal action. For this reason, the exchange has now banned several of its customers from their accounts. But the dealers don’t benefit from it.

“After almost 24 hours, they sent me a request letter and text message asking me to return the BTC or they could be forced to take legal action against me.” said a trader who bought at the low price and is convinced that he did not violate any of the trading platform’s laws during the purchase.

Rafael Padilla, an attorney representing one of the Pdax users who was asked to return the BTC and banned from his accounts, said:

Our customer’s commercial transaction was legitimate under applicable law, in certain cases and of course in accordance with Pdax’s own terms and conditions / user agreements.

According to Padilla, Pdax has chosen to ban users from their accounts because the transactions cannot be unilaterally reversed.

The exchange suffered from outages beginning February 16 due to “unprecedented levels of trading and volatility.” An official statement from Pdax CEO Nichel Gaba said that 95% of the accounts have been restored, but several users are reportedly still banned from their accounts.

On February 23rd, Gaba stated at a virtual press conference: “It is very understandable that many users feel angry when they can buy what they think was an order for Bitcoin at very low prices. Unfortunately, the underlying bitcoins were never owned by the exchange, so unfortunately nothing can actually be bought or sold. “

What do you think of the technical error with Pdax? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on the content, goods or services referred to in this article.