Someone bought BTC at $6K yesterday and the exchange wants them back - page 4.

zanezane

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Quote from: kotajikikox on February 17, 2021, 03:58:51 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.

MCobian

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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.

xenon131

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Quote from: Bttzed03 on February 17, 2021, 03:21:30 AM

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 .

meanwords

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Quote from: KryptoKings on February 17, 2021, 03:44:03 AM

Quote from: pungopete468 on February 17, 2021, 03:30:30 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.

k@suy

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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.

NotFuzzyWarm

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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.

Red Pie

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The exchange may have made a mistake somewhere. I wonder how this event will turn out. Here, a way must be found in which neither side will be victimized. If there is no error in the user, the exchange should pay the bitcoins to the user.

serjent05

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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

Quote from: https://www.pdax.ph/terms

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.

BrewMaster

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the exchange can only demand the money back and threaten the user if the user had exploited something in their platform intentionally like what a hacker would do and illegally obtained the coins.
but when the exchange itself messed up and sold the coins to that user at a discount because their platform sucks then it is their own fault and can't blame the user.

Chato1977

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I will never return that Bitcoin because it is their mistake and not the buyer , it is a legitimate exchange in which they must suffer from their own Mistakes.

KonstantinosM

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And finally the KYC bites someone in the ass!

Let this be a warning. The money that you made legally, they want it back.

Well, it's bitcoin so they can't reverse the transaction themselves. I wish there was more information available. Since the exchange made the mistake they should accept responsibility. It's kind of a gray area, but the demand letter on their part is definitely the wrong way to go. They're not in a position to demand jack sh*t and that's all they should get.

acroman08

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Quote from: pungopete468 on February 17, 2021, 03:30:30 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.

why? them knowing this person's address and the name is not a reason to return the BTC he legally bought. them threatening to take legal actions(which is BS since there is a rule on their ToS stating that "Orders, once executed, are final and irreversible.") against the person who bought the BTC is just a way of harassing person and hopefully return the BTC without a problem.

Quote from: pungopete468 on February 17, 2021, 03:30:30 AM

but if the buyer becomes greedy well I'm not sure what will be the PDAX's move after that.

just like what in the photo states PDAX will be compelled to take legal action against the guy

@Bttzed03 at the moment the dollar to PHP conversion rate is $1=48php

NeuroticFish

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"Bank error in your favor", just it's not Monopoly Cheesy

Now, I don't know what can the exchange do, the user didn't technically do anything wrong (maybe he did morally, but not technically). And Bitcoin ownership may get interesting in court.
Also the user can start complaining that a private company is misusing his personal data and it's harassing him, at least (although I don't know how this goes in the Philippines).

Anyhow, it will be fun to see how it's going to develop...

franky1

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maybe. just maybe.. the reddit post is just PDAX pretending one of their customers schemed them. by pretending to be a schemed customer. purely to advertise themselves.

you know hint that a exchange can give away free money now and again to get more people to sign up.

maybe its next gen social media advertising. like the last generation stuff that had facebook posts mentioning a celebrity and said 'find out how X got to retire early by gaining 1,500x income in 6 weeks'

Jawhead999

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I don't think why he need to refuse to give more KYC since PDAX already know his name and his address, which is they know the location of this guy live... it doesn't make sense IMO.

It would be a problem if the user send fake name and fake location, so that's why the exchanges asking more KYC to validate the account.

LogitechMouse

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The trader doesn't violate anything with this since it is the fault of either the seller of the system itself if that happens.
The problem with this is that the exchange has KYC and there is a bit of risk in your life if the trader chooses to not return it.

Maybe he can make an agreement with them so at least he can still get some money on it while returning or he will decide not to return. There is nothing wrong with the side of the trader but the worst case scenario here is that his life may be at risk knowing that the exchange has its email and information.

If I will not that position, I will not return it since it is the fault of the seller not the buyer.

kotajikikox

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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.

Rikafip

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Quote from: pungopete468 on February 17, 2021, 03:30:30 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.

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? 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.

Garmo

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This is pretty interesting, I've never seen an exchange chase down its own customer before, keep us updated.

I think they are intimidating the customer with these nonsensical messages, no way this stuff is going anywhere in court. The deck is stacked against what little cards the exchange has and the customer did everything according to their own rules. If I were in this guy's shoes, I wouldn't sweat it.

KryptoKings

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Quote from: pungopete468 on February 17, 2021, 03:30:30 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.

Topic: Someone bought BTC at $6K yesterday and the exchange wants them back - page 4. (Read 849 times)