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Traders Who Bought Bitcoin for $6,100 after Glitch Told to Give It Back — or Else

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Published on:
February 24, 2021

PDAX users who took advantage of the glitch could face legal action unless they give the BTC back.

Traders Who Bought Bitcoin for $6,100 after Glitch Told to Give It Back — or Else

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A crypto exchange based in Southeast Asia has had a rather awkward glitch that enabled traders to buy Bitcoin for just $6,100.

 

PDAX says a number of users exploited this vulnerability. Although the exchange has a withdrawal limit of 1 BTC per day, some customers cashed out the maximum. Now, they are being threatened with legal action unless they return the crypto speedily.

 

Some users are now debating whether or not they need to comply with this order, especially given PDAX’s own terms and conditions state: “Orders, once executed, are final and irreversible.”

 

At a news conference, PDAX’s CEO Nichel Gaba said that the price quirk hadn’t been caused by a hack. Instead, he blamed the inaccurate price on a “massive surge in activity leading to a glitch.” He was quoted by the publication Bitcoin Philippines as saying:

“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.”

Some users are reportedly considering whether to launch lawsuits against PDAX. The platform underwent maintenance as engineers tried to determine what caused the glitch, meaning many missed out on the opportunity to capitalize on BTC’s surge to $58,000.

 

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