HomeNewscoinquora.comPDAX Exchange Asks Users To Return BTC Bought For $6,000

PDAX Exchange Asks Users To Return BTC Bought For $6,000

- Advertisement -


  • The PDAX exchange asks users to return bitcoin after selling at $6K.
  • According to the exchange, it was a tech glitch.

The Philippine Digital Assets Exchange (PDAX) asks users to return their bitcoin after selling at $6K. This failure led to Bitcoin trading at 88% lower and halt of all trading activities within the exchange.

According to the exchange, it was a tech glitch. Notably, PDAX is one of the biggest crypto exchanges in Southeast Asia.

The exchange also announced in a statement to explain the incident that happened on February 16. It also urges users to return their BTC.

PDAX CEO Nichel O. Gaba said the following words in a statement published on February 20:

“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

Nichel O. Gaba also added that they identified and canceled all the orders. Hence, this resulted in the following chain of unfunded transactions. He also noted that they are working to restore all the accounts affected by this event.

Some users also reported the incident by sharing screenshots of the price of Bitcoin, which dropped Php 300,000 ($6,000) on PDAX. It was around the same time as the differences in user funds and holdings.

The tech glitch has harmed the exchange itself. PDAX is trying to plug the leaks of this “glitch.” Aside from this, the exchange was closed for 36 hours. Many users are stating that they’re still locked out of their accounts.

However, one user managed to withdraw the bitcoin out of the exchange wallet. PDAX sent him an SMS and emails threatening legal action if he doesn’t return the BTC he bought. Furthermore, the user took it to Reddit, where he tried to get some advice.

Additionally, the company said that it will continue to improve every component of its platform.



20201016023142aff i?offer id=10&file id=543&aff id=26183

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,350FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 58,875.00
ethereum
Ethereum (ETH) $ 1,834.75
tether
Tether (USDT) $ 0.999833
bitcoin-cash
Bitcoin Cash (BCH) $ 528.64
litecoin
Litecoin (LTC) $ 197.26
eos
EOS (EOS) $ 4.31
okb
OKB (OKB) $ 16.33
tezos
Tezos (XTZ) $ 4.62
leo-token
LEO Token (LEO) $ 2.07
cardano
Cardano (ADA) $ 1.22
monero
Monero (XMR) $ 245.74
stellar
Stellar (XLM) $ 0.404282
chainlink
Chainlink (LINK) $ 28.19
huobi-token
Huobi Token (HT) $ 15.95
tron
TRON (TRX) $ 0.065236
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 218.59
neo
NEO (NEO) $ 44.88
iota
IOTA (MIOTA) $ 1.55
nem
NEM (XEM) $ 0.392956
zcash
Zcash (ZEC) $ 151.49
maker
Maker (MKR) $ 2,109.34
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 12.88
vechain
VeChain (VET) $ 0.090416
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 39.86
kucoin-shares
KuCoin Token (KCS) $ 5.24
waves
Waves (WAVES) $ 12.56