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.
Topic: Someone bought BTC at $6K yesterday and the exchange wants them back - page 3. (Read 849 times)
February 22, 2021, 05:46:10 PM
February 22, 2021, 05:21:06 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
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.
Quote from: https://www.pdax.ph/terms
21. Exchange Services
v. Orders, once executed, are final and irreversible.
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
February 22, 2021, 05:09:59 PM
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
February 22, 2021, 01:57:10 PM
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.
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.
February 22, 2021, 01:55:58 PM
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.
February 22, 2021, 01:14:03 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.
February 22, 2021, 11:52:22 AM
Quote
"Good day! So yesterday morning started normally. I woke up and checked the PDAX trading platform..."
I have to wake up earlier every day now
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.
February 22, 2021, 10:59:22 AM
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.
February 22, 2021, 10:50:25 AM
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.
February 22, 2021, 09:55:23 AM
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.
February 22, 2021, 09:55:15 AM
He bought the BTC fair and square. It's his. They aren't getting it back. They better improve their system or go broke.
February 22, 2021, 09:46:39 AM
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
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.Quote from: https://www.pdax.ph/terms
21. Exchange Services
v. Orders, once executed, are final and irreversible.
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.
February 22, 2021, 09:28:18 AM
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
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. Quote from: https://www.pdax.ph/terms
21. Exchange Services
v. Orders, once executed, are final and irreversible.
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.
February 22, 2021, 05:47:30 AM
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?
February 22, 2021, 05:29:07 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.
February 22, 2021, 05:03:35 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.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....
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. 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....
February 22, 2021, 04:46:11 AM
How legit is this article??
Is it made up??
Did you even read it? Is it made up??
February 22, 2021, 04:30:32 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....
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....
February 22, 2021, 04:23:29 AM
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.
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.
February 18, 2021, 05:21:45 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 .
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 .
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