Big Story This Week: Maya Demands Users Return Crypto Profit After USDC Price Error | Key Points | Nov. 08, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: We uncovered a big story involving a locally licensed exchange.
Plus the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $76,090.33, up 1.7% over the last 24 hours.
- Ethereum (ETH): $2,920.48, up 2.6% over the last 24 hours.
- Solana (SOL): $199.69, up 5.8% vs the previous day.
Trending Coins Update
- Cardano: $0.4283, up 15.5% vs the previous day.
- Grass: $3.20, up 32.4% over the last 24 hours.
- Swell: $0.0480, up 38.7% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: Big Story This Week: Maya Demands Users Return Crypto Profit After USDC Price Error
Key details:
- In the article published on BitPinas yesterday, e-wallet Maya, which has over 50 million users, reportedly sold USDC at a price of ₱1 each in what could be a pricing error.
Here are some users who told their story of what happened:
- One trader bought ₱110,000 worth, incurring fees of ₱4,000 to ₱6,000. The value surged to ₱5.9 million, netting a profit of ₱5.79 million. However, due to Maya’s ₱50,000 transaction limit, they only managed to withdraw that amount.
- Another trader claimed a legitimate purchase and profited ₱23,000 but acknowledged Maya’s error.
- Finally, one more reported being informed they owed ₱600,000 after buying USDC, questioning how to settle it with frozen funds.
Account restrictions: Following the withdrawal, Maya restricted the first user’s account and allegedly all funds—including their initial capital—totaling ₱65,000.
- This user reported that Maya demanded a payment of ₱226,000, citing an “outstanding balance,” but provided no detailed.
BitPinas sought Maya’s response to the issue, and it mentioned the following:
- The pricing error stemmed from a third-party vendor system.
- The incorrect pricing impacted a small number of users.
- Maya is collaborating with cooperative customers to resolve the issue.
- Additional measures are being taken against users who intentionally exploited the glitch.
Read the entire article, which included Maya’s quotes and user reactions to the incident in this article: [Exclusive] Maya Demands Users Return Crypto Profit After ₱1 per USDC Price Error
Philippine Crypto News 🇵🇭
- YGG teases about the upcoming Gap Season 8.
- BlockchainSpace’s Yey is now on web3 review platform for projects and communities GATH3R.
- BitPinas Webcast:Countdown to US Elections — How Global Crypto Markets Will React
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- On Election Day, memecoins inspired by Donald Trump and Kamala Harris saw mixed trading.
- Rooch Network CEO Haichao Zhu was robbed at knifepoint in Bangkok ahead of Devcon.
- The AI x Web3 Summit in Palo Alto gathered 500+ global attendees to explore AI and web3 innovation.
Educational Corner 🎓
- Discover how web3 prediction markets are gaining traction, especially in light of events like the US elections, as crypto enthusiasts place their bets on the outcome. Learn more about this trend in Bitpinas’ latest opinion article.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Binance is seeking to dismiss the SEC’s amended lawsuit, arguing it ignores a court ruling that secondary crypto resales aren’t securities transactions.
- Bappebti‘s new regulations allow institutional investors to enter Indonesia’s crypto market.
- Senator Elizabeth Warren won her third term in the Massachusetts Senate race, defeating crypto advocate John Deaton.
Community Spotlight 🔦
Meet James Pebenito (LinkedIn): He has been actively involved in promoting web3 technologies and fostering the growth of the gaming industry in the Philippines.
- He is the Digital Marketing Manager of YGG.
- He is also a part of CELO Philippines.
- Recently, Pebenito is one of the panel for the Countdown to US Elections webcast.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- SynFutures launched the Perp Launchpad, alongside a $1 million grant initiative to support new token projects.
- Chainlink, Swift, and UBS completed a pilot under Singapore’s MAS Project Guardian, enabling fiat settlements for tokenized funds using blockchain technology.
- Valour, in collaboration with Core Foundation, launched the world’s first physically backed yield-bearing Bitcoin ETP on Xetra.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Gam3s.gg released its top 5 NFT games of October 2024 including Riftstorm, Off The Grid, Blast Royale, Shardbound, and Moonray.
- Delabs Games is shifting to Telegram as its main platform.
- The $PAWS Telegram game gained 20 million users in 8 days, offering token rewards for tasks and referrals.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space in the Philippines!
- PH Startup Week: November 11. 2024
- Manila Bootcamp | Hackers League Hackathon: November 15, 2024
- YGG Play Summit: November 19-23, 2024
- Base Manila Meetup: November 20, 2024
- Aptos After Dark: November 20, 2024
Stay Connected:
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- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
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This article is published on BitPinas: Big Story This Week: Maya Demands Users Return Crypto Profit After USDC Price Error | Key Points | Nov. 08, 2024
