Someone bought BTC at $6K yesterday and the exchange wants them back

[hemzer]

OP can clearly publish that he has had a windfall in trading and he caught a good buy and that he is going to donate a percentage of his proceedings to some orphanages, schools and local community development. This would protect him from cutthroat intimidation from PDAX and tilt any court case into his favour.

[vapourminer]

when ethereum flash crashed on coinbase some traders made insane gains (millions USD) and some lost out. coinbase reimbursed those who lost money but let those that made money alone. in short they covered their mistake.

https://techcrunch.com/2017/06/24/coinbase-is-reimbursing-losses-caused-by-the-ethereum-flash-crash/

this exchange should follow that example and eat the loss.

[Murpheus]

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.

Its not as if they can track me down?
If the amount is big enough, thats enough for me to japa...
Start a new life somewhere else

[AmoreJaz]

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.

this is what im thinking here. it was the exchange's fault in this situation. however, the user should have informed the exchange about their bug or error on the platform about their wrong pricing as he knows what is the existing market price. that is, if you don't want to take advantage of the situation. but the user clearly took advantage of this site's error. now, where are your morals here? and since the site know his credentials, they can make a move on him. however, if it is not that much. i think, the user should just return the btc, but of course, in exchange of his original funds plus maybe compensation for the trouble

[Maslate]

Their return demand is just a hope that this person will return the said amount but I think they are expecting to return it neither and probably they know already their errors. Unless, if the said person thinks about guilty(which is not) and returns it back to them.

But, If I am in that position, I let them catch me if they can. I have nothing to worried about since it was their fault(exchanger). And they can't force me to turn it back.

[milewilda]

This is an exchange error and that guy shouldnt really be giving back those coins that he had really earned, if they would give out some compensation or some slice of that amount
then that would be good but getting the whole amount then i would rather keep it for myself.Dont mind those legal actions since its their mistake after all.
That platform should take this as a lesson learned for them.

[Willitivity]

This is an exchange error and that guy shouldnt really be giving back those coins that he had really earned, if they would give out some compensation or some slice of that amount
then that would be good but getting the whole amount then i would rather keep it for myself.Dont mind those legal actions since its their mistake after all.
That platform should take this as a lesson learned for them.

I wouldn't return the BTC even if I was the guy in question because the error wasn't from the user side. Also, they keep demanding for it like it's an order for the user to comply. It's not as of that's the only exchange he/she can trade. The main problem lies in the fact that the user might have done some kyc docs with data that can be linked back to him. I would prefer they cut him a deal and reward him while acknowledging the fault from their end. Instead of claiming rights and making demands.

[posi]

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.

Its not as if they can track me down?

Of course, they can and according to picture posted by the OP they sent the trader that bought the Bitcoin both sms and email which mean he have already done the exchange KYC/AML using his identity card and address.

If the amount is big enough, thats enough for me to japa...
Start a new life somewhere else

Start a new life elsewhere while you live a life of a criminal. What you said is a statement of people that don't believe they can make it and the last time I check you can make much more in months if you train yourself to be a Dev.

[Murpheus]

Start a new life elsewhere while you live a life of a criminal. What you said is a statement of people that don't believe they can make it and the last time I check you can make much more in months if you train yourself to be a Dev.

So you would return the funds is what you try to say??

They wouldn't be that fortunate enough to grab me...
Anyways it would depend on the constitution of the country in question....

[Fatunad]

Start a new life elsewhere while you live a life of a criminal. What you said is a statement of people that don't believe they can make it and the last time I check you can make much more in months if you train yourself to be a Dev.

So you would return the funds is what you try to say??

They wouldn't be that fortunate enough to grab me...
Anyways it would depend on the constitution of the country in question....

When it comes to laws and legal matters then this would really be varying on countries situation because not all would really be that strict but
if that platform or exchange will really be eager or serious on dealing up with things then he might really be facing up some problem.
Im just wondering if he can really have some fight since its really on exchange mistake so therefore this will depend on op
if he would be taking those or would mind of being ethical or would definitely just ignore and spend up those money.

[BuNga_cute]

It is rare for exchanges to experience such an error, and indeed in this case the user is not at fault. Supposedly, if the exchange wants their Bitcoin
back, it must compensate the user. So this problem can be resolved peacefully, indeed in the end the exchange will suffer losses. But that's the risk of
a mistake, if the exchange wants the user to return the whole thing that won't happen. Because from the start the user is innocent, the user is lucky
only due to a system error.

[Tstar]

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.

What if they have their address and name? Is this exchange a part of a mob clan or something?!

Of course they could do something - sue with the exchange if there is nothing in the TOS about order price deviation and cancelation! This is not his fault. If this was a DEX, you couldn't do a thing!

[Smartvirus]

Why should he give BTC back just because they know his address and a name?

When you look at their TOS, I don't see on what ground they demand the BTC back, as they say that "Orders, once executed, are final and irreversible." So, if orders are indeed irreversible once executed and if PDAX is just an exchange between the two users, how come they ask money back?

I agree with you on this. Another way to look at it is, what if the tables were turned, what if the user was the one making this demand. Would the PDAX team have complied? This goes above a normal compliant to support, should the transactions have gone on within there terms of service, then, it could be said to be the users lucky day and they should live with it.

Then again, we heard just one side of the story as he didn't share what exactly PDAX told him is the reason for wanting the BTC back so  there might be more than he is telling us.

Anyway, strange behavior from an exchange and if it's true what that guy is saying, I would contact the lawyer and let him deal with them.

The reason was stated there by the PDAX team and it says overdraw, probably, there was a limiting withdrawal amount according to how i understand this and should it be that due to some technical issues, that limit was by passed, its not the users fault and besides, they have no right over his or her coin. They should just look out to tightening there loosed ends.

[darkangel11]

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 .

You don't know how suing works. You always have the right to sue someone. You can even sue a neighbor who farts loud or if his dog shits on the pavement outside your window.
He doesn't have to return anything it's his choice. I would have to decide depending on the amount of coins that I withdrew. Usually the site owner is responsible for any mistakes and if the user returns the money it's an act of good will and should be rewarded by the exchange. They should negotiate with him not threaten him.

[wxa7115]

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.

I do not think it is as clear cut as you make it out to be, if this was the result of some bug then that may be the end result especially if that is specified within the TOS of that exchange, however if this was a mistake on their end and the user legitimately bought those coins and simply took advantage of the cheap price that was shown then this is going to be way more difficult for the exchange to prove they have a right on those coins.

Also it will depend on the amount of money we are talking about, for an exchange to do this I suppose the amount is large in which case the user could hire legal representation if he really believes those coins belong to him.

[Twentyonepaylots]

I believe there is more to this than what both the person who bought and PDAX is telling on the surface. Mostly of cpurse on PDAX's end, because there's no way you're going to hack an exchange of that degree, moreso one that is based in your own country unless you have balls of steel, or you really want to experience the other side of a jail. In my opinion the guy has all the rights in his bitcoin and PDAX does not have any valid reason to incarcerate him since it was their fault anyway.

[Lauren Smith]

If they closed trading right after your trade doesn't that mean they basically stole other users' funds since they cannot trade them? You not giving us enough info. So they shut down the website soon after the trading and stole users' money? Am I right? If so then just tell them to piss off.

There is nothing they can do but make threats. Making threats is a bad way to get something from someone btw. They should have just asked nicely for it but instead, they threaten you. Tell them to get bent and enjoy your bitcoin.

Even if somehow they did manage to take you to court it will cost them so much time and money and could go on for months. No one can make you send the bitcoin, only you can. Tough shit for them.


If someone ever threatens you, you have every right to defend yourself.

Btw do not worry if they know who you are with KYC. It means very little.

[Questat]

I believe there is more to this than what both the person who bought and PDAX is telling on the surface. Mostly of cpurse on PDAX's end, because there's no way you're going to hack an exchange of that degree, moreso one that is based in your own country unless you have balls of steel, or you really want to experience the other side of a jail. In my opinion the guy has all the rights in his bitcoin and PDAX does not have any valid reason to incarcerate him since it was their fault anyway.

If they are going to blackmail the said person just to give it back, it still won't work because there is no illegality been made, it was buying order and it filled instantly. And this might be the reason also that triggers that person not to give it back.  PDAX should be kind to this guy, the team could ask for some mercy and to give way the return of the said amount. But if this never works, they should have to move on, they can't force him anyway since it was their fault and this guy is just a lucky person.

[CryptoCarlos]

Check out the Google Play Store reviews for the PDAX app. Most users complain that they shut down the app/website for 2h daily for maintainance, lol.

[rat03gopoh]

What puzzled me, why would anyone sell bitcoin for $ 6k and then Pdax so desperate to offer legal recourse threats if there were no complaints from other customers about input errors?

At this point, the exchange's liquidity needs to be questioned.