“A reminder that #Bitcoin never goes down.”
An apparent “glitch” on PDAX temporarily dropped BTC prices by 88% and saw trading suspended. The exchange held a press conference yesterday to explain what happened.
One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 Philippine pesos, roughly $6,100, on Feb. 16.
An unknown number of customers of the Philippine Digital Assets Exchange, or PDAX, managed to buy thousands of Bitcoin (BTC) from the exchange at a massive discount, making them local currency billionaires on paper — at least for a few hours.
A number of PDAX customers withdrew their purchased Bitcoin up to the exchange’s limit on individual accounts of 1 BTC per 24 hours. PDAX is reportedly demanding these users refund BTC obtained during the crash under the threat of potential legal action.
The tech glitch led to a 36-hour closure, and several users continue to report remaining locked out of their
Mt Gox
“A reminder that #Bitcoin never goes down.”
If the internet goes down then there is no more using bitcoin.
Reads like a typical flash crash.
Hope you’re stocked up on bacon for you and kibbles for your cats and dogs.