User Reports Maya's ₱226,000 Demand After Pricing Glitch

Maya is requesting ₱226,000 from a trader who profited after a pricing error let users buy USDC at just ₱1 per token.

Maya is facing demands and backlash from users after a pricing error allowed them to purchase USDC at just ₱1 per token.

An unnamed Facebook user reported that Maya is requesting almost ₱226,000 after users purchased $USDC for ₱1 per token, which is significantly lower than the regular rate. $USDC is pegged to the US dollar and should be priced around the US-Peso conversion rate.

The user shared their experience in the public Facebook group “Maya (PayMaya) Crypto Ph” on October 18.

Maya reportedly charged ₱1 for each sale of 1 USDC. Traders paid fees ranging from around ₱4,000 to ₱6,000 for ₱110,000 worth of trades.

The trader earned ₱5.79 million after deducting the fees, and their total funds increased to ₱5.9 million. However, they were only able to withdraw ₱50,000 due to Maya’s transaction limit.

When the trader withdrew the ₱50,000, Maya allegedly restricted their account and removed all of their funds, including both fiat and crypto. In total, around ₱65,000 was deducted from their Maya account, including their initial investment for crypto and the remaining balance in their wallet.

To add insult to injury, Maya is now reportedly demanding that the trader pay ₱226,000 for an overdue balance.

“Maya even claims I owe them 226k PHP as a baseless outstanding balance, despite there being no proper computation provided or actual basis for this. May utang pa daw ako, nawalan pa ako ng pera.”

[Translation: Maya even claims I owe them 226k PHP as a baseless outstanding balance, despite there being no proper computation provided or actual basis for this. They claim I still owe money, and I even lost money.]

The user said they have reached out to the Bangko Sentral ng Pilipinas (BSP) and Maya’s customer support (CS) for help regarding the matter.

Bitpinas has reached out to Maya for further details and will update this story as more information becomes available.