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Money Panne at Krypto Stock Exchange: Bitcoins 88 percent cheaply sold

10:26  23 march  2021
10:26  23 march  2021 Source:   finanzen.net

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Thanks to a technical breakdown, some customers of the Philippine Krypto Börse PDAX Bitcoin were able to acquire 88 percent below the time market value in February. But the joy was only brief.

KAZUHIRO NOGI/AFP/GettyImages © Provided by Finanzen.net Kazuhiro NOGI / AFP / GettyImages

• Explosion of transactions overloaded Krypto Stock Exchange

• Bitcoin were offered far below market value

• PDAX demands Bitcoins back

for converted just 6,000 US dollars could be reached on 16. February according to the Philippine Message Portal "Bitpinas" at the Philippine Digital Asset Exchange (PDAX), the largest Krypto trading platform of Southeast Asia, Bitcoin are purchased. Thus, the buyers were able to look forward to a discount of 88 percent, because actually the market value amounted to around $ 48,000 at this time.

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Technical Panne leads to low BitCOIn price

PDAX declared this provided that the number of transactions have increased to seventy times as a result of the Corona Pandemic, a development that you have not expected in this magnitude. - bitcoin action with plus 500 - that's how it works. 76.4% of private investor accounts lose money when using this provider CFDS . You should carefully check if you can afford to take the high risk of losing your money. - This "unprecedented level of trades and volatility" overloaded the platform and eventually causing disruptions to the trading engine.

This resulted in various discrepancies. For example, too large or too small assets in the portfolios of users were reported. Another problem The occurrence was that Bitcoins were sold for just about $ 6,000. Ultimately, PDAX was offline on the same day for about 36 hours to fix the problems.

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Many Bitcoin transactions invalid

How PDAX-CEO Non-Gaba declared later, most of these transactions have never really gone through what is related to the PDAX order book based on a centralized database, but not based on a blockchain ledger. Accordingly, "a sale did not take place. So there is not really something that can be bought or sold," says GABA.

Return of Bitcoins Challenged

The CEO acknowledged that a "very small number of orders" was valid. But even here, the buyers were only able to look forward to the supposed bargain, because as "Bitpinas" reported, they were already prompted by PDAX to return the bitcoins, on the other hand, legal action would be initiated against them.

"It's the right thing to return it," GABA justifies the claim of PDAX, "just as if someone gives too much change or if an ATM issues too much cash." In addition, in this recovery, however, PDAX would like to protect the integrity of the marketplace and retain the trust of the traders. Editorial Finanzen.net

Nigerians' appetite for bitcoins grows despite ban .
When Nigerian office worker Chigoziri Okeke bought cryptocurrency for the first time in 2016, he was only looking to make an online payment. Peer-to-peer allows one party to transfer cryptocurrency to another once an equivalent payment for the digital asset is confirmed by the first party. "Cryptocurrencies are largely speculative, anonymous and untraceable," the CBN warned in February. But innovations such as the peer-to-peer network could keep even more Nigerians in the digital market if the economic crisis bites harder."Humans will always find a way around every single regulation you make," Amusan said.

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