PDAX Suffers Glitch To Sell Bitcoin At $6,000

Mistakes in the crypto sector as regards transfers of the coin are something that people are advised against. Some months ago, a Reddit user took social media to announce how he mistakenly paid a huge amount for the transfer fee.

While that one was something to think about, a man said that he mistakenly sent a huge amount of Bitcoin to someone, and the person has refused to return the excess on the asset. In a recent update that was blamed on technical glitches, a Philippines-based crypto exchange has made an error that it is not proud of at present.

The security glitch happened as a result of the influx of transactions

The security glitch details showed that the crypto exchange sold the leading digital asset, Bitcoin, for $6,000 to users on the platform instead of $46,000. According to the digital exchange PDAX, they suffered a technical-related issue after seeing a mammoth amount of transactions on the platform.

The crypto exchange report claimed that they had witnessed a massive growth of about 70x the usual amount of transaction that usually takes place on the platform. This surge in transactions saw the crypto exchange servers give way, which caused a split in its trading engine. In the news released in the country, some users on the platform purchased Bitcoin for as low as $6,000.

A new update from the CEO of the crypto exchange, Michel Gaba, mentioned that even though most of their users made an order for Bitcoin at that rate, most of the orders were not completed with only a little fraction completed. Analysts have blamed this on the type of ledger that the crypto exchange uses because it does not use a blockchain ledger. He mentioned that it looked like most of the orders went through, but in the real sense, they didn’t.

The crypto exchange is urging members to return the Bitcoin

The CEO also mentioned that even though he understands that most of the users who purchase the Bitcoin are laying claim to it, most of the orders were not confirmed. This means that even though they already bought the Bitcoin, they would not receive it in their wallets. He also mentioned that since they feel that no sale happened, the event didn’t indeed happen.

However, some of the users of the platform have taken to various social media platforms to state that the exchange is presently urging them to return the digital assets. A member pointed out that he received an email stating that he should return the digital asset on the exchange within a certain period or else he would have to face them in a lawsuit. Talking about the issue, Gaba noted that the users who got the Bitcoin would need to return it because they got it through an error.

He pointed that the issue is the same thing as an ATM over dispensing or collecting spare change from a cashier. With the issue being solved, the crypto exchange has put a hold on most of its users’ accounts, according to a recent Facebook post by them. This might be joy on their part, though, as Bitcoin has recently seen a massive loss of about $10,000.

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