Topic: Someone bought BTC at $6K yesterday and the exchange wants them back (Read 849 times)
February 28, 2021, 01:13:13 AM
I remember a post I've read in bitcointalk about a guy having bought Bitcoin at $0.10 in MtGox after hackers managed to access most of the exchange accounts and were dumping Bitcoin. This guy was forced to pay the Bitcoin back to MtGox. There should be rules that the user has accepted that state the obvious. Any kind of bug abuse that will result in buying very lower than the actual price will not look good and since there is KYC in this exchange they will take the Bitcoin back one way or another.
February 28, 2021, 12:11:54 AM
Well what to say about the errors! Citi bank sent 900 million dollars mistakenly to wrong accounts and they got to keep it.
PDAX and crypto stuff is all decentralised and thus stands for low percentage of winning the dispute if any. This will never happen though. Pdax know this very well that it’s their own mistake or exchanger error. Even if the case is lodged then also user won’t get hampered since he can prove that he just followed the normal buy and sell process with whatever price was offered to him.
PDAX and crypto stuff is all decentralised and thus stands for low percentage of winning the dispute if any. This will never happen though. Pdax know this very well that it’s their own mistake or exchanger error. Even if the case is lodged then also user won’t get hampered since he can prove that he just followed the normal buy and sell process with whatever price was offered to him.
February 27, 2021, 11:28:10 PM
Let's say that Bitcoin is legal in the Philippines, but they can't call that those are stolen Bitcoin except if there is an agreement or policy in case of a system error like this. But I think there is none; therefore, if I were him, I would not return the purchased Bitcoin, especially if I have already converted it to fiat because they still need to prove that what I did is stealing or buying them illegally.
February 27, 2021, 10:52:19 PM
Hey, it's not like it's the traders fault, he/she should make up for this, because it wasn't his fault in the first place, and not his fault for buying it at a low price, or let's say at a glitched price, it's probably a bug from the exchange, but again, the exchange should make a compensation for this, not only to bring the bought BTC back but to at least give something to the trader when it is not his fault in the first place.
Although, since PDAX has made changes to his/her account, he has probably no choice but to give it back, either give it back or demand something or give a condition to the exchange for having him return what he bought, again, it's not his fault in the first place.
If it is not his fault then that person shouldn't make up for it, making up for something that isn't your fault is a paradox of itself. The person shouldn't just get the bitcoin back but they also have to compensate the person because they try to blame the person for their mistake. If I were in that position, I would stand my ground because I know that I didn't do anything wrong. Although, since PDAX has made changes to his/her account, he has probably no choice but to give it back, either give it back or demand something or give a condition to the exchange for having him return what he bought, again, it's not his fault in the first place.
February 27, 2021, 10:34:14 PM
Hey, it's not like it's the traders fault, he/she should make up for this, because it wasn't his fault in the first place, and not his fault for buying it at a low price, or let's say at a glitched price, it's probably a bug from the exchange, but again, the exchange should make a compensation for this, not only to bring the bought BTC back but to at least give something to the trader when it is not his fault in the first place.
Although, since PDAX has made changes to his/her account, he has probably no choice but to give it back, either give it back or demand something or give a condition to the exchange for having him return what he bought, again, it's not his fault in the first place.
Although, since PDAX has made changes to his/her account, he has probably no choice but to give it back, either give it back or demand something or give a condition to the exchange for having him return what he bought, again, it's not his fault in the first place.
February 27, 2021, 09:52:08 PM
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.
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
. 
February 27, 2021, 04:08:54 AM
~ 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.
February 26, 2021, 08:18:40 AM
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.
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.
February 26, 2021, 08:10:42 AM
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....
February 26, 2021, 07:14:31 AM
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.
February 26, 2021, 07:07:59 AM
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. February 26, 2021, 06:59:59 AM
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 .
February 26, 2021, 06:52:39 AM
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
February 26, 2021, 06:38:40 AM
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.
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.
February 26, 2021, 06:10:58 AM
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.
February 26, 2021, 06:01:19 AM
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.
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. 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" February 26, 2021, 05:52:32 AM
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.
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. 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"
February 26, 2021, 04:03:56 AM
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.
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" February 26, 2021, 12:33:52 AM
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))
February 25, 2021, 01:06:17 PM
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....
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.
Straight from the shoulder, what Murpheus said is not right cause the BTC belongs to an innocent user of the exchange.
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