PDAX Accidentally Sold Bitcoin @ $6,000 And Now Wants It Back
This was a major error on PDAX’s part, they sold Bitcoin aaccidentally at $6,000 and are now threatening legal action if not returned
What Happened: The largest crypto exchange in Southeast Asia, Philippines-based PDAX, experienced a technical failure that led to Bitcoin trading at $6,000 – an 88% discount to its current price.
Following the incident, PDAX asked its customers to return their Bitcoins, threatening legal action, a local news outlet Bitpinas has reported.
According to the exchange’s CEO, the system error was not due to a hack but a technical “glitch” caused by a massive surge in trading activity.
Why It Matters: The initial outage is said to have taken place on February 18; however, since then, reports have surfaced on social media of customers being locked out of their exchange accounts and being asked to “return their Bitcoin.”
“After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, or they “may” be compelled to take legal actions against me.” said one trader who believed his purchase was well within his rights without violating any laws or regulations of the trading platform.