The Philippine cryptocurrency exchange PDAX demanded that traders return the bitcoins bought on February 16 at $ 6,100, since such a price appeared as a result of a trading platform failure.
Due to the platform failure for several hours, the bitcoin rate fell to $ 6,000. Thousands of traders took the opportunity and bought BTC, and some even managed to withdraw the purchased bitcoins to their wallets. After discovering and fixing the problem, the bitcoins were also written off from the users’ balances. But they remained with traders who managed to withdraw coins to external wallets.
“I managed to withdraw the purchased BTC to an external wallet before trading and, subsequently, access to the site were stopped. After 24 hours, I received a letter and an SMS to my number with a demand to return the bitcoins. I bought the coins legally and did not violate anything, but they promised to sue me if I do not return the BTC, “wrote one of the Reddit users.
On February 23, PDAX CEO Nichel Gaba held a press conference during which he said that the load on the platform led to a technical failure that allowed trades on unsecured orders. This led to a cascading effect and a drop in the bitcoin rate to $ 6,100.
“I understand perfectly well the indignation of users who bought bitcoins, as they think, at a very low price. But we have never owned so many bitcoins and in fact it was impossible to buy or sell them, these are just glitches, ”Gaba said.
Also, according to CEO PDAX, some users are still unable to access their accounts, but such clients are not more than 0.2% of the total number of users.
At the end of January, the Central Bank of the Philippines announced the introduction of compulsory licensing of companies providing services for working with cryptocurrencies.
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