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

[xSkylarx]

If I were that user who bought bitcoin at that price I would definitely not return it unless we can agree to some terms. It is their system's fault anyway and did not violate or did something bad on their platform. It is just like when you order to a fast-food then you get more than what you ordered or paid, the staffs there would be liable and it would be deducted from their salary. If they force the user to return the amount of bitcoin he bought, they could lose reputation as well as their customers because in the first place they didn't secure well their website.

[Issa56]

Waw this is kind of funny and have not heard anything like this before. Since you did not violation any of there rules I see no reason why they have to request for there bitcoin back since you bought with your own fund and you did not pass true any illegal process since you bought the coin already and you paid for it I think they have to bear the lost and not chasing you SmS trying to take legal action. Have not even seen any exchange demanding for return of coin after buying it that's kind of funny I think you have to avoid the exchange. If am the one that bought the coin I will definitely not going to return the coin because have not done anything illegal to purchase the coin I followed the due process and I don't think there is any legal charges they can use against me because I didn't do anything illegal I follow the due process.

[Ultegra134]

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.

Correct, at this point I would also question the exchange's trustworthiness. A similar incident had happened on Coinbase with an Ethereum incident a few years ago. They ended up taking the loss. I'm not fond of Coinbase, their support sucks, but they stood up for it. Since their TOS mentions that all trades are final, nothing can be done. Trying to intimidate a user to return the bought Bitcoin is a big red flag for them as a business.

[Reatim]

What would you do if you're the one in this situation? It's the exchange's fault but they might close the account of the user if refuses to give it back. They know his name and address too.

I wonder why he did buy the small amount for such a price. I would buy for all money I have,  taking first the screenshot of the order on their site.  Man didn't hack their service, he honestly paid what they requested, what’s the matter with him. I would not care of their request to send BTC back .

for sure he has no funds to buy more because if he has? i know that he'' Buy everything that he can .
or maybe there is only small amount ready that time and when he try checking again , the system return back to normal so he did not get another chance.
and if OP had already withdrawn all the PDAX funds in his name ? better not to return back the funds and just move on to other exchange .
But this is if he is not an Honest person , because if he has a good conscience He will not ask for advise and return the amount right away.

[buwaytress]

I somehow recall a past big buy from a business from an exchange, involving Ether that was bought at a ridiculously cheap price. Took it to courts, naturally, and I think in that instance the courts sided with the exchange and the buyer was forced to return the assets because the price was a mistake.

User in this instance would probably have a fight on his hands but I don't see how a legal court would rule in his favour. Fairness comes into play here, as well as intent.

[posi]

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.

You are totally right and if Murpheus read the exchange rules and legal matters it against all that he said. Although, the fault was from the site ending cause they ought to have discontinued trading activities before the security upgrade begins.
Straight from the shoulder, what Murpheus said is not right cause the BTC belongs to an innocent user of the exchange.

[MIner1448]

I still don’t understand in any way, but how such a price came out to $ 6,000 for bitcoin, is this a mistake from the exchange itself? .. If it’s a mistake, then the exchange will not do anything here, especially since the exchange is not bad, it just hit its reputation because of this incident. So the user was lucky to hike, took his cutlet))

[Bttzed03]

More updates/details to the incident:

PDAX Press Conference: Exchange Discusses Outage in Detail

^ It started with a glitch causing an unfunded order to be matched by other buyers and then one thing led to another.

~ User in this instance would probably have a fight on his hands but I don't see how a legal court would rule in his favour. Fairness comes into play here, as well as intent.

It looks like this will be handled in court as PDAX stated they would welcome lawsuits and I'm assuming they are referring to the accounts they restricted as a result of the "invalid accumulation of assets"

[semobo]

More updates/details to the incident:

PDAX Press Conference: Exchange Discusses Outage in Detail

^ It started with a glitch causing an unfunded order to be matched by other buyers and then one thing led to another.

~ User in this instance would probably have a fight on his hands but I don't see how a legal court would rule in his favour. Fairness comes into play here, as well as intent.

It looks like this will be handled in court as PDAX stated they would welcome lawsuits and I'm assuming they are referring to the accounts they restricted as a result of the "invalid accumulation of assets"

Since it was already withdrawn by the user then it is not possible to take them back unless user agrees to pay it but exchanges may ask most part of it and let the user to have remaining as a reward for honest or something can be appreciated because it was bought with no violation and exchanges shouldn't blame users for taking advantage of it.

[Ultegra134]

More updates/details to the incident:

PDAX Press Conference: Exchange Discusses Outage in Detail

^ It started with a glitch causing an unfunded order to be matched by other buyers and then one thing led to another.

~ User in this instance would probably have a fight on his hands but I don't see how a legal court would rule in his favour. Fairness comes into play here, as well as intent.

It looks like this will be handled in court as PDAX stated they would welcome lawsuits and I'm assuming they are referring to the accounts they restricted as a result of the "invalid accumulation of assets"

Would love to see how this incident escalates in the end. This case will probably end up in court, since both sides are claiming their side of their story as correct. The exchange is referring it to a glitch, which I am unsure of how this can be proved, while the users are implying that it was a valid transaction from his point.

[matchi2011]

This is another exchange malfunction and this is not the first time, the ops have every legal right to hold on the the bitcoin he bought from that platform after all is they responsibility to also put all trading on hold before upgrading and possible software on the site to avoid this kind of accident.

Why this exchange let this things go, consider it as failure from their side. The owner of the coin don't have the responsibility, inside exchange every second that you got chance to buy low then you should grab it.

Let go and learn from this incident, the exchange should treat it as loses due to their mistake/bugs. No need to pushed the person
to send it back as he just take his chance.

[cheezcarls]

You may also read this one guys: https://mb.com.ph/2021/02/26/pdax-2-asks-what-do-you-mean-by-unfunded-transactions/

Just saw this from NEM Philippines CEO Emerson Fonseca’s Facebook post.

Good thing that one of my friends has just cashed out his coins to another wallet before this incident happened. I never had a PDAX account, although that I did consider to create one last year.

Oh well, it looks like that their image as a digital asset exchange is gonna be ruined. This is what centralized exchanges are made of. Not your keys, not your coins.                                         

[jacafbiz]

The first thing he needs to do is to study the terms and conditions on the exchange if it includes this type of issue, if not do not hurry to refund the BTC because it is a free market, if something is offered to me at a price and I accepted the offer then the transaction is legit. Try as much as possible to involve your lawyer for better understand of the law. I don't think the exchange will give the person that sold his/her BTC at that price their BTC again

[imstillthebest]

300k php is 6,140.65k if converted to dollar at the current rate which is a nice amount but if im on his situation i think i will not deposit back the btc because i pay for it and i have no violations whatsoever . im okay if they will close my account and im confident if withdraw all the funds but the problem is if they have my kyc but like  i said earlier why will i be afraid if im on the right track ? they are the ones that must be afraid for doing this things  . the next time i will not going to trade on that exchange but try to look for a more reputable exchange .

[molsewid]

The first thing he needs to do is to study the terms and conditions on the exchange if it includes this type of issue, if not do not hurry to refund the BTC because it is a free market, if something is offered to me at a price and I accepted the offer then the transaction is legit. Try as much as possible to involve your lawyer for better understand of the law. I don't think the exchange will give the person that sold his/her BTC at that price their BTC again

based on the rules and regulation that came from the PDAX it says that any transaction are irreversible once you initiate so they (PDAX) will break their own rule that they are the one who made. I don't know but it is hard to send back the amount maybe that person already cashout the money or if PDAX really want to get it back they should freeze the account so the money will still be in the account but that will be another breach of contract.

[arwin100]

This is another exchange malfunction and this is not the first time, the ops have every legal right to hold on the the bitcoin he bought from that platform after all is they responsibility to also put all trading on hold before upgrading and possible software on the site to avoid this kind of accident.

Why this exchange let this things go, consider it as failure from their side. The owner of the coin don't have the responsibility, inside exchange every second that you got chance to buy low then you should grab it.

Let go and learn from this incident, the exchange should treat it as loses due to their mistake/bugs. No need to pushed the person
to send it back as he just take his chance.

They never let this thing happen as they didn't aware that there's a big happening that's why some of their users bough some bitcoins at cheap rate.

And they cannot really force their costumer to refund the bitcoins bought since it's legitimately bought on their platform and for this current happening it show that pdax is not really a good provider since they sue there costumers for their own negligence. Maybe the best thing they do after that is they fix what really need to fix and move on, they should think that it's a compensation for the users who found that bug to erase the stress on that happenings.

[roosbit]

 This sounds almost like a bookie quoting 100 odds for a Barcelona win against a weaker team and you bet on this which plays out in your favor but after the bookie realizing this mistake you already withdrew these funds and they request for their funds back.... man this issue you have at hand, I honestly think you don't owe the exchange any dime, but that demand later interprets something different from what actually happened....

[TopTort777]

Wonder how this guy is doing. I think that exchange will put attention on a glitch/bug/hack and force to return funds, scaring the guy with law and lawyers.

I was this guy, I would have sold Bitcoin at current market price and return them 6000 USDT. Sad to see that this is one-way business. If he would bought BTC at $66k and address to exchange, they would say this is his own mistake.

[buwaytress]

~ User in this instance would probably have a fight on his hands but I don't see how a legal court would rule in his favour. Fairness comes into play here, as well as intent.

It looks like this will be handled in court as PDAX stated they would welcome lawsuits and I'm assuming they are referring to the accounts they restricted as a result of the "invalid accumulation of assets"

Yeah, like I said, the courts would definitely almost always rule in favour of "fairness" and "intent". If it's a technical glitch, there is no intent so that trade would be reversed. Surprised actually PDAX doesn't have insurance for these kinds of events -- thought it was the industry standard for any type of execution based platform.

[LogitechMouse]

UPDATE: Here's the demand letter sent by the PDAX customer service

(source)

Most of the times, its the traders who are making this kind of mistake (mistakenly selling it at a lower price or vice versa). Now it is the complete opposite of it. The exchange is chasing the traders.

Now they've sent a demand letter to those traders and what will they do if the traders will not give back the BTC?? They will send death threats to them?? They will chase them anywhere in the world?? At first place its the fault of the exchange to have glitches. If they only have a better IT personnel, this would've been prevented. What if we will reverse the situation. What if the trader made a mistake, will the exchange give back his/her money because he made a mistake?? I don't think so.

If there will be traders who are either honest or scared of their lives or anything related to it then I think they will give it back but I don't think that many will return it .