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Crypto Exchange PDAX Accidentally Sold Customers Bitcoin for $6,000

Amy Liu

Summary: A technical glitch caused a Filipino cryptocurrency exchange PDAX to temporarily discount the price of Bitcoin to down from about $48,000 to $6,000.  “Transactions grew by 70x over the past months,” said PDAX in its statement, overburdening the exchange and causing its trading engine to split apart at the seams.  Some users said that PDAX ...

A technical glitch caused a Filipino cryptocurrency exchange PDAX to temporarily discount the price of Bitcoin to down from about $48,000 to $6,000. 

“Transactions grew by 70x over the past months,” said PDAX in its statement, overburdening the exchange and causing its trading engine to split apart at the seams. 

Some users said that PDAX has asked them to return Bitcoin purchased from valid transactions. “After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, or they ‘may’ be compelled to take legal actions against me”.

By Amy Liu

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