Crypto Exchange Sold Bitcoin for $6,000 By Mistake
A technical error occured on one of the Philippine’s crypto exchanges, causing it to reduce the price for Bitcoin from $48,000 down to $6,000. Understandably, the amount of transactions went so violent the exchange’s server couldn’t handle it and the service stopped working for a while. The amount of transactions during the last months increased by 70 times, says PDAX’s press release.
The incident happened on PDAX on February, 16th. Then the exchange stopped working for 36 hours. Some users managed to purchase Bitcoins at that ridiculously cheap price but most of the transactions didn’t go through. PDAX is a centralized exchange, so some of the users whose Bitcoin transactions were successful received the demand to give them back to the exchange. Nichel Gaba, the chief director of PDAX, compares this situation with a mistakenly big change in a store that was given to a customer. Therefore, he is sure that the demand to give it back sounds legit.
Of course, the customers don’t agree with this. They appeal to one of the PDAX’s rules that says transactions can’t be reversed. One of the users managed to withdraw Bitcoins purchased during the technical glitch, and now the exchange threatens to sue him. Now the exchange works again but some accounts are still blocked.