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Maya is requesting ₱226,000 from a trader who profited after a pricing error let users buy USDC at just ₱1 per token. With accounts restricted and funds withdrawn, affected users are now left with demands and frustration as Maya responds to the glitch.
User Reports Maya's ₱226,000 Demand After Pricing Glitch
An unnamed Facebook user stated that Maya is requesting almost ₱226,000 because of a pricing mistake. This is because they purchased $USDC for ₱1 per token, which is significantly lower than the regular rate. $USDC is linked to the US dollar and should be in line with the US-Peso conversion rate.
The user recounted a brief "lucky" experience that rapidly turned into a headache and shared it in the public Facebook group "Maya (PayMaya) Crypto Ph" last October 18.
A Costly Opportunity Gone Wrong
Maya allegedly made ₱1 from each sale of 1 USDC. Traders paid fees ranging from approximately ₱4,000 to ₱6,000 for ₱110,000 worth of goods.
The dealer made ₱5.79 million after deducting expenses, and their money increased to ₱5.9 million. Nevertheless, they were only able to withdraw ₱50,000 because it was Maya's transaction limit.
Account Restrictions and Fund Depletion
Maya allegedly barred the trader from using their account and depleted all of their cash, not only cryptocurrency, when they withdrew ₱50,000. The total amount that was taken out of their Maya account, including their initial investment for cryptocurrency trading and the balance left in their wallet, was believed to be ₱65,000.
Maya's Demand for ₱226,000 Sparks Frustration
Maya, who is providing more details, is also requesting that the trader pay ₱226,000 for an overdue sum.
“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.”
["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."]
User Seeks Help from Authorities and Support
According to the user, they sought clarification from the Bangko Sentral ng Pilipinas (BSP) and Maya's customer support (CS).
Maya’s Official Response and Actions
Bitpinas addressed the concerns by sending an email to Maya:
- According to Maya, a third-party vendor's system is to blame for the inaccurate pricing of USDC transactions.
- "A small number of customers took advantage" of the glitch, according to the exchange.
- Fair and transparent resolution of the situation is their goal, and they are working closely with cooperating consumers to achieve it.
- But they're also doing more to punish a "small number of users who deliberately took advantage of this setup."
- Information gathered by BitPinas indicates that a collection agency may have contacted certain users via email.
- One more thing: the "buy and sell" feature should be live by now, but users can't send or receive cryptocurrency with Maya just yet.
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