Crypto Exchange PDAX Accidentally Sells Bitcoin For $6000
-The largest crypto exchange in Southeast Asia, PDAX experienced a technical failure that caused Bitcoin to trade at $6000
-The incident happened on 18 February and customers have been ordered to return purchased Bitcoin
-According to the exchange’s CEO, the error was caused by high trading activity
One of the largest crypto exchanges in Asia, PDAX experienced a technical error that led to Bitcoin selling for $6000, an 88% discount of the original value.
Following the incident, the company asked customers who made bitcoin purchases to return them or they’ll face legal action.
The exchange CEO started that the technical problem wasn’t due to a hack but a huge surge in trading.
We'd like to thank you all for your patience regarding the incident that happened on Feb 16. Below is our statement, as of today Feb 20. Please expect us to continue to update you of the developments, which we are working on round the clock.
Thank you. pic.twitter.com/HvWFIRsSyy
— PDAX (@pdaxph) February 20, 2021
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A customer who spoke to Yahoo! Finance said that he got a letter demanding that he returned the Bitcoin or he was liable to face legal suit.
The customer however believes that he was within his rights and he didn’t break any laws or regulations on the platform.
The company has locked users out of their accounts because it can’t reverse the transactions unilaterally.
PDAX claims that it has restored the affected accounts but many users are still unable to access theirs.
An attorney representing the affected customers, Rafael Padilla also claims that the incident did not go against the company’s terms and conditions.
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