PDAX Exchange Demands Return of BTC Bought at Unbelievable Price

Some users of the Philippine Digital Assets Exchange (PDAX exchange) were able to get Bitcoin at an unbelievable price yesterday. Bitcoin was trading at $6,000 yesterday, an office the exchange blames on a glitch.

Return BTC or Face Legal Action -PDAX Exchange 

Although trading was suspended on the exchange yesterday, some users were still able to buy and transfer their Bitcoin to other wallets. Now PDAX exchange is demanding that such users return the purchased BTC, or face legal action.

The customers who were able to buy Bitcoin at the giveaway price are now being threatened by the exchange. One user took to a Reddit thread ‘r/phinvest’ to reveal what the exchange said. ‘They sent me a demand letter and SMS, requesting me to transfer back the BTC.’ 

The user argues that the Bitcoin purchased did not break any laws or contravene any regulations of the trading platform.“I managed to transfer the purchased BTC to another wallet outside PDAX just before they closed the trading and eventually the website.” The Reddit user also said that failure to comply may attract legal actions. 

The glitch, which happened on February 16, was discovered by the exchange hours after users started buying and withdrawing their BTC. This led to almost 2 days of closure, with a lot of users still unable to access their accounts even till today.

Users Still Cannot Access Their Accounts

A press conference was held yesterday to detail exactly what happened in the exchange. Nichel Gaba, PDAX exchange CEO said the exchange experienced a glitch due to the sudden surge of activity. He claims that this resulted in a mismatch of orders. This led to Bitcoin dropping almost 8 times lower than its normal price.

Gaba claims that about 95% of users have been able to recover their accounts since the glitch last week. “I understand the frustration. I want to assure you that what we’re doing is to make sure that you get back as soon as possible.” PDAX exchange is one of the biggest exchanges in South-Eastern Asia and it serves a huge number of users across Asia.