Maya Demands ₱226,000 from a Trader Who Profited After a Pricing Error

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

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

The user, who wished to remain anonymous, shared their experience in the public Facebook group ‘Maya (PayMaya) Crypto Ph’ on October 18.

According to the user, they were able to purchase $USDC for ₱1 each due to the pricing mistake. They added that the regular rate for $USDC is pegged to the US dollar and should be in line with the US-Peso conversion rate.

“1 USDC = 1 PHP. Gotcha! Thanks Maya.”

The user recounted a brief “lucky” experience that rapidly turned into a headache.

A Costly Opportunity Gone Wrong

The user stated that Maya earned ₱1 for each sale of 1 USDC. They added that traders paid fees ranging from approximately ₱4,000 to ₱6,000 for ₱110,000 worth of goods.

The user claimed to have paid ₱4,200 in fees for ₱100,000 worth of products, which included 100 USDC. They added that the total cost, including fees, was ₱5.79 million.

The dealer made ₱5.79 million after deducting expenses, and their money increased to ₱5.9 million. They were, however, 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.

The user added that Maya is providing more details and is also requesting that they 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."]

The user stated that they sought clarification from the Bangko Sentral ng Pilipinas (BSP) and Maya's customer support (CS).

User Seeks Help from Authorities and Support

The user also shared screenshots of their conversation with Maya's CS, wherein they expressed their frustration and disappointment.

“I'm so frustrated with Maya right now. I was one of those affected by the pricing error last October 11. I legally profited from the said event and withdrew 50k PHP.

Now, they're freezing my account and taking all my money, including my crypto balance and initial investment. They claim I still owe them money, amounting to 226k PHP.

I already reported this incident to the Bangko Sentral. I'm also seeking help from relevant government agencies and support from the crypto community.”

Maya's Official Response and Actions

Bitpinas addressed the concerns by sending an email to Maya: