A technical glitch at the Philippine cryptocurrency exchange PDAX temporarily lowered the rate of the first cryptocurrency to $ 6,000. The platform’s management demanded that users return the “thousands of bitcoins” they had purchased.
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
On February 16, during the scheduled maintenance of the system, the rate of the first cryptocurrency fell by 88%. Some users managed to buy and withdraw assets to third-party wallets before the suspension of trading and withdrawal. The rest of the exchange zeroed their balances.
On February 23, PDAX CEO Nichel Gaba spoke about the incident at a press conference. According to him, many users will be upset, but “the exchange never owned these bitcoins.”
One PDAX client shared on Reddit that he was able to withdraw assets purchased at a low price. A day later, he received a letter and an SMS message from the exchange demanding the return of bitcoins and the threat of legal proceedings.
According to the user, he acquired the digital currency as part of his rights and did not violate any laws or regulations of the trading platform. He also asked for legal help on Reddit.