Due to a technical problem at the PDAX exchange in the Philippines, some bitcoin traders were able to buy each bitcoin for $ 6,000!
to the the report Cryptopotito, this technical problem caused the price of bitcoin in the PDAX exchange to be traded something about 88% lower than the price of bitcoin in other platforms. The exchange claims that the increase in trading volume has caused these problems. At the time of this problem, Bitcoin was trading in the range of over $ 50,000. Users, meanwhile, were able to buy each bitcoin for as little as $ 6,000.
Shortly afterwards, the PDAX exchange suspended all activities on the platform, but it was too late to do so, and some traders managed to seize the opportunity and withdraw their funds.
PDAX then asked users to return their cheap bitcoins to an exchange, otherwise they would sue. It is not yet clear for what legal reasons this exchange wants to sue users; Because all transactions were based on the rules and conditions of using the exchange. Some PDAX users have also reported receiving such a message. An economist wrote:
A technical problem with the PDAX exchange office in Southeast Asia allowed traders to buy bitcoins for $ 6,100 and take them out of the exchange. Bitcoins may be sued if they do not return them, but PDAX rules and conditions state that orders are “final and non-refundable.”
As Bitcoin whales increased in activity, we saw large transactions in the market. According to reports circulating on social media, a whale mistake caused the problem. The whale is said to have sold 31,6,000 bitcoins for $ 6,100 instead of selling each unit for $ 47,000! This caused PDAX to suspend trading for a while.
The exchange suspended the platform to control the situation. Their move provoked many protests from their customers. It is said that users did not have access to the PDAX platform for 36 hours.
They claimed that they had lost many trading opportunities during this period and failed to close their positions. An exchange user wrote on Twitter:
Dear PDAX, we have not had access to your accounts so far. Many of your promises were broken. Aside from the bitcoin problem, our money is stuck on your platform.
PDAX published a comprehensive report outlining what had happened. According to the exchange, an unsupported order has caused this problem. The exchange claims in the report that 95% of the user accounts have been recovered. Nichel Gaba, the managing director of the exchange, said:
We fully understand that many users are upset that they could buy bitcoin at a very low price using what they thought was an order; Unfortunately, the bitcoins in question have never been owned by an exchange, so there is virtually nothing to buy or sell.
The exchange has also announced that it is ready to provide support services to its customers.