Several users of the PDAX crypto exchange managed to purchase bitcoins at a price of $ 6,000 due to a system failure. The management of the exchange asks for the return of the coins, but is it legal.
To return or not to return: that is the question
A technical failure in the system of the Philippine cryptocurrency exchange PDAX led to the fact that the price of bitcoin dropped to the minimum level of 300 thousand pesos or $ 6,000. Some lucky ones managed to purchase bitcoin at this price, which they immediately reported on Reddit.
“So I placed an order to buy a small amount of BTC, the order was executed immediately and I was able to transfer the purchased BTC to another wallet outside of Pdax just before they closed the trade and eventually the website. Almost 24 hours later, they sent me a letter of demand and SMS asking me to return the BTC that were purchased within my rights without violating any laws or rules of the trading platform, or they “may” be forced to take legal action against me, ” written by the user.
The experts told whether the requirements of the PDAX exchange are legal and whether buyers should return cheap bitcoins back.
RACIB Executive Director Alexander Brazhnikov is sure that this situation has become another confirmation that it is not worth saving on technical solutions.
“Most likely, the failure occurred due to errors within the exchange system. But maybe bad people, a la hackers, created a mess inside the crypto exchange, and this situation went. The security problem due to the growth of cryptocurrency rates is becoming more and more urgent. Having stolen 1 BTC, I have already stolen $ 50,000, ”the expert commented.
Valery Petrov, director of the Center for Social Matrix Technologies “Socioma”, is sure that this situation is not new. Technical failures that regularly lead to purchases of cryptocurrencies not at market prices are relevant not only for the crypto market, but also for the stock market, the expert is sure.
“In order to resolve this issue, it is necessary to understand who was actually responsible for the technical failure. If this is the fault of the exchange, then all compensation for damage should be closed at the expense of the platform itself. Naturally, the exchange does not want to pay for problems out of its own pocket, so it is trying to negotiate with buyers about the return of funds in a pre-trial manner, ”Valery Petrov is sure.
But the chairman of the Commission on Blockchain Technologies and Cryptoeconomics sent to the Ministry of Finance of Russia Nikolai Gadzhiev says that users are obliged to voluntarily return bitcoins to the exchange.
“I think the requirements of the exchange are quite legitimate. In case of erroneous transfers in the banking sector, the bank has the right to recover the amounts erroneously credited to the user’s accounts. Here the situation is similar, ”says Nikolai Gadzhiev.
Note that at the time of the rise or fall of the cryptocurrency, some exchanges go offline, citing technical problems. A similar situation occurred on the Kraken, BTC Turk and Binance exchanges during the fall in the price of Ethereum.
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