Filipino crypto exchange, PDAX, states that a complex technical glitch temporarily plummeted its Bitcoin (BTC) listing prices from about $48,000 to as low as $6,000. Unsurprisingly, its users flocked on this accidental, undoubtedly trying to capitalize on the massive discount – albeit only a few were validated.
The CEO of PDAX, Nichel Gaba, commented on this development at a particular press conference. He states that while many orders were made during the glitch, most of it thankfully did not go through. He explained that PDAX, just like other exchanges, does not source its orderbook from a blockchain ledger but instead on a centralized database. This means that even though some transactions at that time appeared valid, they really weren’t.
Gaba further stated that he understands why a whole lot of their users felt entitled to such assets despite it having wrongfully listed because of the glitch. However, he clarifies that no BTC sale took place, and such discounts were just a byproduct of an unfortunate glitch. Gaba then implored those that actually got hold of BTCs on such values to return them as it is the right thing to do.
Lastly, it has been reported that PDAX locked a portion of its users’ accounts as it tries to sort out the chaos brought by the unfortunate technical glitch.