NotFuzzyWarm
Legendary
Offline
Activity: 3724
Merit: 2651
Evil beware: We have waffles!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 17, 2021, 03:14:54 PM Last edit: February 17, 2021, 04:48:04 PM by NotFuzzyWarm |
|
The OP did nothing wrong and should keep the coins.
As pointed out in earlier posts the exchange's ToS states that "Orders, once executed, are final and irreversible." That works both ways - if the buyer/seller screwed up OR if the exchange had a bug that allowed the sale then tough nuts: The transaction is final and cannot be reversed. A service provider cannot legally say that their ToS only applies to the user - a ToS also sets the rules for the service provider and their ToS is binding for all parties.
Unless there is an escape clause in the ToS regarding what happens due to the exchange screwing up then the exchange has to live with it.
|
|
|
|
k@suy
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 17, 2021, 03:16:45 PM |
|
That will be the exchange flaws, it is not his fault, maybe it will up to him if he want to return it, but as far as I am concerned it is not his fault and he should not return that excess money or that whole money, but if he can't sleep because of his conscience because I'm sure those devs working in the front and back end will be the one who will be resposible either they will be fire from their work or they will be the one who will pay for it.
|
|
|
|
meanwords
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 18, 2021, 09:45:03 AM |
|
I don't think he has no choice but to return it just like what you have said they know his address and name. But I think it's the exchange's fault and not the user the good thing to do is to maybe give the user a reward for returning the Bitcoin but if the buyer becomes greedy well I'm not sure what will be the PDAX's move after that.
He didn't cheat anyone. He saw a low sell order and bought it. It was exchange fault and alos seller's mistake. He should nit be blamed for this. That said, op must be considerate and return the BTC because it is not fair to take advantage of someone's mistake. But a person's mistake, is another man's opportunity. That's how the world works, even true in trading. I believe that it's 100% at exchange fault since it's clear that the buyer didn't do anything against the exchange rules, in fact, it is stated that once a trade is done, then there's no turning back. I think what's more illegal is that they are forcing the buyer to return the money when he made the transaction legally.
|
|
|
|
MCobian
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 18, 2021, 10:06:02 AM |
|
Sometimes there are always happen system errors on exchanges, so it really isn't the person's fault. He just saw an opportunity in a sell order, and was very lucky to be able to buy Bitcoin at a low price. PDAX shouldn't have asked for the Bitcoin back. But maybe after calculating the losses are quite large. Therefore PDAX asks to transfer the Bitcoin back. But if I become that person, I will return the Bitcoin. I don't want to find trouble with other people, or ask PDAX to compensate for a system error. My advice is to resolve this problem peacefully.
|
|
|
|
zanezane
Full Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 868
Merit: 150
★Bitvest.io★ Play Plinko or Invest!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 18, 2021, 10:18:50 AM |
|
in this case Honesty will be the Root of the situation .. The Man violate nothing instead he is just Lucky to find low selling price and he grab the opportunity , this is nothing in difference like someone send a Bitcoin in others Address in which we can do nothing but to accept our mistake . But if the man is honest enough and know that Bitcoin price is x10 than how much he bought it ? then he will surrender the funds. But no one can force him to return them back because he just got lucky in checking the sell order.
@kotajikikox said it, the man didn't violate anything but I disagree with him/her saying that the man should return it, it was error on the part of the exchange so they should be the one that is under fire. It is not a matter of honesty because as @kotajikikox have said, the man got lucky and bought bitcoin at that price. To me, this kind of thing shouldn't have the fault of the person, it was the systems problem no matter what angle you look at it.
|
|
|
|
Fredomago
Legendary
Offline
Activity: 3066
Merit: 1054
Leading Crypto Sports Betting & Casino Platform
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 18, 2021, 10:21:45 AM |
|
They have No rights to Sue the Person who bought just because they have His KYC from the first place no one told them to sell at that low price and only a once in a lifetime chances that we can take a look at this opportunities . So why need to return back the funds? He has all the rights to Keep the coins in his position unless this is against the PDAX rules but I'm sure there is no TOS that has been violated in this one .
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
Bttzed03 (OP)
Legendary
Offline
Activity: 2114
Merit: 1149
https://bitcoincleanup.com/
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 09:23:29 AM Merited by vapourminer (2) |
|
Update:The demand letter sent by PDAX CS has been added to the OP. This article ( archive) summarized what happened from Feb. 15 to the day of the incident. In brief: 1. Feb. 15 - announcement of planned maintenance on Feb. 17 2. Fex. 16 - all shits happened that affected user's balance in their portfolios and, around the same time, the drop of bitcoin price to around $6000 3. Feb. 17 - PDAX cited the unprecented trading volatility as the reason 4. Feb. 18 - PDAX sent demand letter to those who bought BTC at $6K saying it's " invalid accumulation of assets" then limiting customer's account/s Feb 20 - A lawyer is helping a customer and have sent a letter to PDAX citing the trades were legit and in accordance to the PDAX ToS. Feb 21 - PDAX issued a second statement and their version of the story but they didn't address the restricting of account/s and their demand to return.
|
|
|
|
Murpheus
Jr. Member
Offline
Activity: 155
Merit: 7
The dream God is what I embody
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 09:30:32 AM |
|
How legit is this article?? Is it made up?? If its not.... Then if I was the buyer... I really dunno what I would do.... Money has a lot influence.... But as a man of moral.... I would return half and keep half.... It was my advantage.... ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
|
Do you need a CM?? Hit me Up t.me@Morphis009
|
|
|
Bttzed03 (OP)
Legendary
Offline
Activity: 2114
Merit: 1149
https://bitcoincleanup.com/
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 09:46:11 AM |
|
How legit is this article?? Is it made up??
Did you even read it?
|
|
|
|
posi
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 10:03:35 AM |
|
How legit is this article?? Is it made up?? If its not....
It cant be a made-up story because when an exchange site is going through some certain emergency maintenance system issue like fund loss and system malfunction is what I believe that also cause the coin the buyer bought at $6K. Then if I was the buyer... I really dunno what I would do.... Money has a lot influence.... But as a man of moral.... I would return half and keep half.... It was my advantage.... ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) You have to be kidding because the exchange we're talking about is a centralized exchange and what you just said now is against their terms and conditions. If we're talking about the decentralized exchange you can say it just your luck.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
bryant.coleman
Legendary
Offline
Activity: 3724
Merit: 1217
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 10:29:07 AM |
|
If he refuses to transfer back the coins, what are the options they (the exchange) have? From what I can see, the user has done nothing illegal. I am not sure whether the exchange would even consider going to the courts against the user. What they are going to tell the court regarding this? And if they get involved in court case and all, their reputation is going to take a hammering. My advice to the user is to ignore the demand letter and keep the holdings with himself.
|
|
|
|
XZERO1
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 504
Merit: 33
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 10:47:30 AM Last edit: February 22, 2021, 10:59:02 AM by XZERO1 |
|
As pointed out in earlier posts the exchange's ToS states that "Orders, once executed, are final and irreversible." That works both ways - if the buyer/seller screwed up OR if the exchange had a bug that allowed the sale then tough nuts: The transaction is final and cannot be reversed. A service provider cannot legally say that their ToS only applies to the user - a ToS also sets the rules for the service provider and their ToS is binding for all parties.
Agreed, unless there's a line in their TOS that states such orders have to be refunded to the exchange, the trader that bought Bitcoin at such a low price did nothing wrong and I believe there's a good chance that he wins if this case goes to court, the exchange probably have way better lawyers than that trader so still there's some chance of losing the case but still worth it. The exchange messed up here and they are the ones that should be paying for their mistake somehow anyway, their customer just made 9x in that trade and specially if the amount was small as mentioned it's better for their reputation if the exchange just accepted that and moved on. Who was the seller anyway?, it was one of those exchange trading bots that try to fake trading volume or it was a real person selling?, any information on that?
|
|
|
|
Ultegra134
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 02:28:18 PM |
|
Quite an interesting story. but I wonder how this sell order went through from those buy orders? I somehow have the same view as franky1. Anyway, applying their Terms and Condition 21. Exchange Services
v. Orders, once executed, are final and irreversible. There is no way PDAX has the right to go after a finished transaction. It wasn't the buyer's fault nor he exploited the platform. Correct, even if they do get a lawyer against the buyer, their terms of service would contradict their claims. Thus, I doubt that any action can or will be taken against the buyer, it's probably a mere attempt to scare and intimidate him in order to return the amount of Bitcoin he purchased. In the end, if the user doesn't fall for it, it's easy to say that nothing is going to happen.
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
|
|
|
ice098
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 02:46:39 PM |
|
Quite an interesting story. but I wonder how this sell order went through from those buy orders? I somehow have the same view as franky1. Anyway, applying their Terms and Condition 21. Exchange Services
v. Orders, once executed, are final and irreversible. There is no way PDAX has the right to go after a finished transaction. It wasn't the buyer's fault nor he exploited the platform. Correct, even if they do get a lawyer against the buyer, their terms of service would contradict their claims. Thus, I doubt that any action can or will be taken against the buyer, it's probably a mere attempt to scare and intimidate him in order to return the amount of Bitcoin he purchased. In the end, if the user doesn't fall for it, it's easy to say that nothing is going to happen. Agree at first I didn't know this rule in their exchange, and this thing will be their loss and their end game, that person isn't be liable for what he has done because as what the rule says "Once excuted, are final and irreversible" they made this rule they should follow this and accept their huge loss from their counterpart, this will be a huge lesson for PDAX they should not make any maintenance or they should not revised their codes if they cannot put the exchange down for the meantime because it is very risky.
|
|
|
|
androyster
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 138
Merit: 10
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 02:55:15 PM |
|
He bought the BTC fair and square. It's his. They aren't getting it back. They better improve their system or go broke.
|
|
|
|
Noctis Connor
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 02:55:23 PM |
|
Actually hi is not the only one who bough bitcoin from pdax some other's too that the topic in the reddit not it was system error as you can see the price of bitcoin in pdax was $62,000 but they put $6,200 see the difference not only in the bitcoin but also in ethereum most of the investors there take advantage of it but currently there's a limit for withdrawing bitcoin you can only withdraw 1 bitcoin per day and that's the time the management knew the error because most of investors are pulling their bitcoin into another exchange website.
|
|
|
|
Bitstar_coin
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 03:50:25 PM |
|
How ironic, if the reverse was the case they won't agree to refund even if the trade was a mistake, they will say refer to the terms of condition but now they seem to very eager to collect the btc back without acknowledge their mistake, i think the trader his within his right of and comply with all the requirement for trading but since he is kyc verified and would want to avoid any further personal harassment maybe he should consider returning the btc.
|
|
|
|
androyster
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 138
Merit: 10
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 03:59:22 PM |
|
How ironic, if the reverse was the case they won't agree to refund even if the trade was a mistake, they will say refer to the terms of condition but now they seem to very eager to collect the btc back without acknowledge their mistake, i think the trader his within his right of and comply with all the requirement for trading but since he is kyc verified and would want to avoid any further personal harassment maybe he should consider returning the btc.
I would tell them to take a hike. Mistakes happen in business. IE Sheet happens. Take it on the chin and learn from your mistakes and carry on. Good luck getting that BTC back.
|
|
|
|
TedMosby
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 04:52:22 PM |
|
"Good day! So yesterday morning started normally. I woke up and checked the PDAX trading platform..." ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fimages-na.ssl-images-amazon.com%2Fimages%2FI%2F51cd%252B-FxblL._SY291_BO1%2C204%2C203%2C200_QL40_ML2_.jpg&t=665&c=gjFym8AulWimxQ) I have to wake up earlier every day now ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
I wonder who demand to reverse the transactions, PDAX or the user who sold his bitcoin at that price. because https://www.pdax.ph/terms says, "Orders, once executed, are final and irreversible." how many bitcoins that he bought from that situation actually? with this issue, I can say that PDAX dictating the market on their platform. really bad exchange.
|
|
|
|
taufik123
Legendary
Offline
Activity: 2618
Merit: 1806
Rollbit.com | Crypto Futures
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 22, 2021, 06:14:03 PM |
|
-snip-
whereas in the said user agreement, the terms and conditions regarding orders that have been executed or have been executed are final and cannot be changed anymore. But the PDAM asked him to come back. This does look funny, try if the user is wrong in buying and buying bitcoin is too expensive, maybe nothing will be changed. these are traits of a bad trade-off and still need development, because errors like this are very fatal. it can be good luck that the person can buy it for $ 6k, but if the person is kind he will return it and get some proper reward for his kindness.
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
|
|
|
|