MediaAuthority.id – A technical glitch caused a Philippine cryptocurrency exchange to temporarily discount the price of Bitcoin to drop from around $48,000 to $6,000.
PDAX maintenance on February 16 after the exchange experienced an “unprecedented spike in transactions,” it said in a statement released on Saturday.
“Transactions grew 70x over the last few months,” PDAX said in a statement, weighing on the exchange and causing its trading engine a bit of trouble.
During the glitch, some users reported buying Bitcoin for as low as 300,000 PHP, or $6000, reports Philippine news site BitPinas.
Nichel Gaba, CEO of the exchange, PDAX, told a news conference that while “a small number of orders” took place, Gaba said, many of these transactions never actually took place.
“It is understandable that many users feel entitled to these assets,” he said. “However, based on our investigation of the incident, we conclude that the sale did not occur,” he said. “So there’s never really anything to buy or sell, unfortunately,” he said.
However, some users say that PDAX has asked them to return the purchased Bitcoins from valid transactions. “After nearly 24 hours, they sent me a request letter and SMS, asking me to transfer back the BTC, or they ‘might’ be forced to take legal action against me,” said one user, reported Yahoo Finance.