Maya, a local crypto e-wallet, is facing backlash after demanding users return crypto profits following a system error that caused USDC to plummet to ₱1.
- BitPinas published a investigation on its Facebook page asking commenters whether Maya’s response of asking users to return profits was fair or whether users should have avoided capitalizing on the mistake given USDC’s dollar peg.
What happened:
Recently, Maya required users to return profits from a pricing error where USDC was sold for ₱1 instead of its usual price which is linked to the value of the USD dollar in Philippine peso, which allowed a user to benefit of ₱5.79 million.
- The user in question reported that the company froze his account after he withdrew ₱50,000 and now claims he owes ₱226,000, although no clear basis for these charges was provided.
- Other affected users: Other merchants have reported similar issues, with some funds frozen and others asked to return large amounts, without a clear explanation.
Maya’s response:
Maya attributed the error to a third-party vendor and placed the crypto service under maintenance. They address the issue with affected users but also take action against those who took advantage of the error.
Recently, incorrect pricing for USDC transactions occurred due to a third-party provider scheme, which a small number of customers took advantage of. In response, we placed Maya Crypto under temporary maintenance to resolve the technical issue, which has since been resolved. We have made necessary adjustments to affected accounts, working closely with cooperative customers to resolve the issue in a fair and transparent manner. For a small number of users who intentionally took advantage of this situation, we are taking additional steps to recover the amount involved.
For the full statement, see the article here: (Exclusive) Maya Demands Users Return Crypto Profits After ₱1 USDC Price Mistake
In the Facebook post of BitPinas sharing the report, the comments section largely expressed frustration with Maya and many users criticized the platform, accusing it of poor customer service and lack of accountability.
However, in a follow-up post in which BitPinas asks the community if they agree with Maya’s actions on the issue:
- Comments are divided but more are in favor of not returning the profits, because the transactions were legitimate: Some argue that Maya should take ownership of the error and not blame users for their profits, citing international trading standards, while others view exploitation of the error as unethical, making reference to payment solution—the legal principle that funds paid in error must be returned to the rightful owner.
- Many commenters pointed out that users simply took advantage of a business opportunity, while others see it as unethical exploitation.
- Several comments pointed out that the platform should acknowledge the mistake, pointing out that international exchanges often compensate users instead of penalizing them.
- Some believe that the users who took advantage acted within their rights, noting that cryptocurrency exchanges are irreversible and that the mistake was Maya’s responsibility.
One comment acknowledged that users profited from the pricing error, but expressed frustration with Maya’s delay in correcting it, arguing that it was unfair for Maya to treat profits as debt because business risks are inherent to the crypto market.
Another commenter said that it was up to users to decide since it was Maya’s platform that initially displayed the price:
To read: In August, Maya updated its terms are set to include new rules for crypto coin listings and delistings, giving users 30 days to decide whether to sell or transfer delisted assets.
This article is published on BitPinas: Community Reacts to Maya’s ₱1 Per USDC Error: Users Push Back on Profit Requests
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