The FTX trading platform appreciated the help in refunding a user who sent a deposit to an incorrect address at 15% of the amount, which is contrary to the company’s rules. The user mistakenly sent $ 6.3 million.The platform returned tokens worth $ 5.4 million.
The user is going to appeal due to the fact that the trading platform has removed an unreasonably high commission for his help. He sent the corresponding letter to the technical support service of the exchange. “You have withdrawn about $ 1 million from my deposit. This decision is contrary to your Invalid Address or Chain Policy. I did not intentionally invest in USDPax. You have misled me. ” The exchange, in response to the client’s letter, reported that the decision was final and would not be revised.
The conflict began with the rebranding of the PAX stablecoin into Pax Dollar (USDP). This ticker has already been used by the Unit Protocol project for its USDP stablecoin. The FTX cryptocurrency exchange changed the coin’s ticker from PAX to USDP and did not notify customers about it. The aforementioned user sent $ 6.3 million to the Paxos address confident that they are investing in a stablecoin from Unit Protocol. Realizing his mistake, he asked the exchange for help in returning the money. The platform returned tokens in the amount of $ 5.4 million, removing the commission for an erroneous transaction of 15%. At the same time, the FTX exchange rules state that the site will charge 5% of the amount when returning a deposit sent to the wrong address.
In August, the capitalization of the FTX trading platform increased to $ 18 billion after the exchange raised $ 900 million in funding round B. To remind, Paxos re-branded stablecoin from Paxos Standard (PAX) to Pax Dollar (USDP) in an effort to increase its market share and get an edge in competition with stablecoins from Tether and Circle.
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