What Really Happened to PDAX? mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
Published February 20, 2021, 3:41 PM
Last Wednesday, 17 February 2021, we published an article related to the outage of PDAX as Bitcoin hits an all-time high of US$50K. Philippine Digital Asset Exchange (PDAX) is a Bangko Sentral ng Pilipinas (BSP) licensed virtual currency exchange with Nichel O. Gaba at its helm as CEO.
In a statement emailed to me by PDAX, they stated:
“On February 16, 2021 our system was hit by an unprecedented surge in transactions, which caused it to experience significant maintenance issues. PDAX transactions grew to 70x over the past months, and we note that at this pace, other exchanges such as Coinbase and Kraken have also experienced recent outages. The pandemic has led to massive shifts in online financial behavior; beyond what our growth models predicted.