Philippine crypto exchange Pdax recently suffered a costly technical failure – one that led to bitcoin trading at 300,000 Philippine pesos (around $6,000) – a discount of 88% to its current price.
In the melee, some users managed to buy at these ridiculously low prices and quickly moved the bitcoin (BTC) away from their exchange wallets before the error was detected, local news outlet Bitpinas reported. The actual amount of BTC hoarded at the $6,000 give-away price is not clear.
However, the Philippine Digital Asset Exchange, or Pdax, is now demanding that users return the bitcoin or face legal action. The exchange has since locked out several of its clients from their accounts for this reason. But the traders are having none of it.
“After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, or they ‘may’ be compelled to take legal actions against me.” said one trader who bought at the low…