Maya Demands Users Return Crypto Profit After ₱1 per USDC Price Error

Recently, incorrect pricing for USDC transactions occurred due to a third-party vendor system, which a small number of customers took advantage of.

A local crypto e-wallet, Maya, is facing backlash after demanding users return crypto profits following a system error that dropped USDC to ₱1.

Recently, Maya demanded users to return profits from a pricing error where USDC was sold for ₱1 instead of its usual price that is pegged to the value of the USD Dollar in Philippine Peso, causing one user to profit ₱5.79 million.

Maya attributed the error to a third-party vendor and has placed the crypto service under maintenance. They are addressing the issue with affected users but are also taking measures against those who took advantage of the error.

“For a small number of users who intentionally capitalized on this situation, we are taking additional measures to recover the amount involved,” said Maya in a statement to BitPinas.

For the full statement, check the article here: [Exclusive] Maya Demands Users Return Crypto Profit After ₱1 per USDC Price Error

In the Facebook post of BitPinas sharing the report, the comment section largely expresses frustration with Maya and many users are critical of the platform, accusing it of poor customer service and lack of accountability.

However, in a followup post where BitPinas ask the community whether they agree with Maya’s actions about the issue:

One comment acknowledged that users took advantage of the pricing error, but expressed frustration over Maya’s delay in fixing it, arguing that it’s unfair for Maya to treat the profits as debt, as trading risks are inherent in the crypto market.

Another commenter said it should be up the users to decide since it was Maya’s platform that displayed the price to begin with:

Worth reading: In August, Maya updated its terms to include new rules for crypto coin listings and delistings, giving users 30 days to decide on selling or transferring delisted assets.

This article is published on BitPinas: Community Reacts to Maya’s ₱1 Per USDC Blunder: Users Push Back on Profit Demands

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