--- title: "Whoops: Crypto Exchange Accidentally Sells Bitcoin at 88% Discount" description: "Philippines-based PDAX, Southeast Asia's largest crypto exchange, just accidentally sold bitcoin at an incredible 88 percent discount, for just $6,000." date: "2021-02-25" modified: "2021-02-25" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/whoops-crypto-exchange-accidentally-sells-bitcoin-at-88-discount" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "cryptocurrencies" - "cryptocurrency" - "the digest" --- # Whoops: Crypto Exchange Accidentally Sells Bitcoin at 88% Discount ![Philippines-based PDAX, Southeast Asia's largest crypto exchange, just accidentally sold bitcoin at an incredible 88 percent discount, for just $6,000.]() *\Image: Victor Tangermann\* ## Oops Philippines-based PDAX, Southeast Asia's largest cryptocurrency exchange, just accidentally sold bitcoin at an incredible 88 percent discount, for around $6,000 a pop. It wasn't pure goodwill, however. The discount was the result of an unintended technical failure, as finance publication [*Benzinga* reports]() — and now, they'd like their bitcoin back, please. They even threatened their own customers with legal action. ## Locked Out Some customers vented their frustration online after being locked out of their accounts — and of course, being threatened unless they turn over their bitcoin. "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," one trader wrote, as quoted by *Benzinga*. ## Our Bad PDAX now claims that 95 percent of accounts were restored, yet many users were still locked out. "It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices," the exchange's CEO Nichel Gaba said in a [press conference]() earlier today. "But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately," Gaba added. [According to crypto publication *CoinMarketCap*](), some users are reportedly considering suing PDAX over the SNAFU. Making matters worse for them, PDAX's maintenance to correct the issue meant its users had to miss out on making money on a recent surge in bitcoin's value. The glitch is yet another indication that while cryptocurrencies are slowly being adopted by financial institutions around the world, exchanges are still ironing out the kinks. Anybody willing to trade highly volatile digital currencies will have to watch their back — after all, with [high rewards]() come high risks. **READ MORE:** [Crypto Exchange Asks Customers To Return Bitcoin After Selling It At 88% Discount]() \[*Benzinga*\] **More on bitcoin:** *[Single-Word Elon Musk Tweet Sends Crypto Dogecoin Soaring]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()