As per the latest reports, the Philippine Digital Assets Exchange (PDAX) has recently made an announcement regarding a glitch it faced. The exchange announced that it faced a technical glitch with the system that resulted in affecting the price of Bitcoin (BTC) for a particular time period.
PDAX, which is one of the leading cryptocurrency exchanges in Southeast Asia has stated that the technical glitch was faced back on February 16, 2021.
As a result of the technical glitch, the price of Bitcoin (BTC) was dropped down significantly. During the technical glitch, the price of Bitcoin (BTC) dropped all the way down to 300,000 PHP. At the time of writing, the 300,000 PHP figure translates to around $6,100.
The exchange has revealed that during the technical glitch, there were several customers who made full use of the opportunity. The customers whose number is yet to be confirmed reportedly purchased thousands of Bitcoin (BTC) from the exchange.
They did it because the BTC was available at a very low rate due to the technical glitch discount that was applied on BTC. This has ended up making these customers billionaires in the Philippines in a matter of hours.
PDAX has confirmed that right after purchasing the BTC, many of these customers withdrew their BTC all the way up to the max BTC withdrawal limit allowed by the exchange.
According to the local sources, the exchange has now demanded the customers to return the Bitcoin (BTC) they had purchased during the technical glitch. The exchange has warned the customers that it will be taking legal actions against the customers who have purchased the coins and are not willing to refund them.
It has been reported that the technical glitch ended up barring the users from logging into the platform for up to 36 hours. However, there are still many users from PDAX that continue to report that they are still locked out of their accounts.
Ever since the technical glitch and the action of locking the PDAX exchange activities, PDAX’s Twitter account is filled with comments from angry customers.
There are several customers reporting that they have not been able to log into their account for more than 7 days straight. While there are many who are now questioning the authenticity and regulatory position of the exchange. There are many who are now demanding for the regulatory authorities to take action against the exchange.
After the technical glitch issue, one user on the Reddit platform is seen asking for opinions and legal guidelines for the incident. The user has revealed that he is one of the users who purchased the BTC during the glitch.