Community Reacts to Maya’s ₱1 Per USDC Blunder: Users Push Back on Demand to Return Crypto Profits

Maya, a local crypto e-wallet, is facing backlash after demanding users return crypto profits following a system error that dropped USDC to ₱1.

• BitPinas posted an inquiry in its Facebook page asking commenters whether Maya’s response of asking users to return profits was fair or if users should have avoided capitalizing on the error given USDC’s dollar peg.

What happened:

Recently, Maya demanded users to return profits from a pricing error where USDC was sold for ₱1 instead of its usual price that is pegged to the value of the USD Dollar in Philippine Peso, causing one user to profit ₱5.79 million.   

• The said user, reported that the company froze their account after they withdrew ₱50,000 and now claims the user owes ₱226,000, though no clear basis for this charge was provided.
• Other Users Affected: Other traders reported similar issues, with some funds frozen and others being asked to return significant amounts, with no clear explanation.

Maya’s response:

Maya attributed the error to a third-party vendor and has placed the crypto service under maintenance. They are addressing the issue with affected users but are also taking measures against those who took advantage of the error.

Recently, incorrect pricing for USDC transactions occurred due to a third-party vendor system, which a small number of customers took advantage of. In response, we placed Maya Crypto into temporary maintenance to address the technical issue, which has since been resolved. We have made the necessary adjustments to affected accounts, working closely with cooperative customers to resolve the matter fairly and transparently. For a small number of users who intentionally capitalized on this situation, we are taking additional measures to recover the amount involved.

For the full statement, check the article here: [Exclusive] Maya Demands Users Return Crypto Profit After ₱1 per USDC Price Error

Community reactions

In the Facebook post of BitPinas sharing the report, the comment section largely expresses frustration with Maya and many users are critical of the platform, accusing it of poor customer service and lack of accountability. 

However, in a followup post where BitPinas ask the community whether they agree with Maya’s actions about the issue:

• Comments are divided but more are in favor of not returning the profits, as the transactions were legitimate: Some argue that Maya should own the error and not blame users for profiting, citing international exchange standards, while others view exploiting the mistake as unethical, referencing solutio indebiti—the law principle where mistakenly paid funds must be returned to the rightful owner.
• Many commenters stressed that users simply took advantage of a trading opportunity, while others see it as unethical exploitation. 

• Several comments noted that the platform should own up the error, pointing out that international exchanges often compensate users instead of penalizing them.

• Some believe users who profited acted within their rights, noting that cryptocurrency trades are irreversible, and the error was Maya’s responsibility.

One comment acknowledged that users took advantage of the pricing error, but expressed frustration over Maya’s delay in fixing it, arguing that it’s unfair for Maya to treat the profits as debt, as trading risks are inherent in the crypto market.

Another commenter said it should be up the users to decide since it was Maya’s platform that displayed the price to begin with:

Worth reading: In August, Maya updated its terms to include new rules for crypto coin listings and delistings, giving users 30 days to decide on selling or transferring delisted assets.

This article is published on BitPinas: Community Reacts to Maya’s ₱1 Per USDC Blunder: Users Push Back on Profit Demands

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