[Exclusive] Maya Demands Users Return Crypto Profit After ₱1 per USDC Price Error

By Nath Cajuday with additional reporting from Michael Mislos.

First update at 9:30am: Shortly after this article is published, the Facebook post containing the complaints of users has been deleted. BitPinas has saved a copy for archiving.

An anonymous Facebook user reported that Maya is demanding approximately ₱226,000 after they bought $USDC for ₱1 per token—a price far below the usual rate, as $USDC is pegged to the U.S. dollar and should align with the US-Peso exchange rate—in what could only be a pricing error.

• Maya has responded to a BitPinas inquiry as to the pricing error and updates to its “send and receive” feature that has been in extended maintenance since June.

Users Noticed Maya was selling 1 USDC for ₱1

Shared in the public Facebook group “Maya (PayMaya) Crypto Ph” last October 18, the user recounted a brief “lucky” moment that quickly spiraled into headache.

• Pricing Glitch: Maya reportedly sold 1 USDC for ₱1 each. The trader purchased ₱110,000 worth, incurring fees of around ₱4,000 to ₱6,000

• Profit Realized: The trader’s funds grew 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.

• Account Freezed After the trader withdrew ₱50,000, they said Maya immediately restricted their account and even their wallet’s entire funds, not just in crypto, was drained.
  • Overall, they estimated that the total funds drained on their Maya account reached ₱65,000—that is the sum of his capital for crypto trading and the remaining wallet balance. 
• Additional Charge: Maya is also demanding the trader to pay ₱226,000 citing an outstanding balance, elaborating:

“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 claimed that I owe them ₱226,000 worth of baseless outstanding balance despite them not providing proper computation for the actual basis. I now have debt although I already lost money.”]

Aftermath

The user said they contacted the Bangko Sentral ng Pilipinas (BSP) and Maya’s customer support (CS) to check what was happening.

• But they did not receive a response from the BSP and Maya’s CS told them that their money should be in their e-wallet. 

The Maya user also argued:

“According to their terms and conditions, the money is rightfully ours and if there was an issue with the USDC price at the time and if mali ako ng pagka gets sa terms nila, I should still have a remaining balance of 65k.”

[“According to their terms and conditions, the money is rightfully ours and if there was an issue with the price of $USDC that time, and if I am wrong understanding their T&C, I should still have a balance of ₱65,000.”]

Similar Incidents from Other Maya Users

Multiple traders reported buying USDC during the ₱1 glitch, sharing experiences on Reddit.

• Trader 1: Confirmed their transaction was legitimate but acknowledged Maya’s error, profiting ₱23,000.

• Trader 2: Informed they owed ₱600,000, questioning how to pay as their funds remained frozen.

The Community’s Reaction, Thoughts, and Advise

• Comment #1: A Facebook user criticized Maya’s Terms and Conditions, suggesting flaws that Maya leverages.

• Comment #2: A Reddit user advised victims to just return the money, as it is not worth it compared to having a criminal case. 

• Comment #4: A Reddit user advised victims to hold their funds earned from the error until a civil case has been filed, which they think has a low probability. 
• Comment #5 A Reddit user assured the victims that the error will not lead to a civil case. But the worst thing that could happen is that the traders will be required to pay the funds. 

Maya Responds to the Glitch Issue

The publication sent an email to Maya to respond to the issues. To summarized:

• Maya said the incorrect pricing for USDC transactions is because of a third-party vendor system.
• The exchange said “a small number of customers took advantage” of the error.
• They are working closely with cooperative customers to resolve the matter fairly and transparently.
• However, they are also taking additional measures to a “small number of users who intentionally capitalized on this situation.”
  • Note: BitPinas has learned that some users have received emails from a collecting agency.
• Finally, users still cannot send and receive crypto to and from Maya but the “buy and sell” service should be available already.

Below are the full comments from Maya:

Transition to In-House Crypto Service

At Maya, the security and reliability of our services, including Maya Crypto, are our top priorities. We want to assure all our customers that their balances remain secure, and we continue to operate with the highest standards of safety and transparency. As part of our long-term commitment, we are transitioning our crypto service in-house to ensure a better experience for all users.

Why was there Incorrect Pricing of USDC

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.

Buy and Sell, Send and Receive Status

We are pleased to confirm that buy and sell services are fully back online, while send and receive functions remain in extended maintenance as we implement critical improvements to enhance reliability and stability.

Maya Crypto remains safe, and we are committed to closing gaps as we continue enhancing the platform for all users. We thank our customers for their patience and understanding during this time, and we remain dedicated to providing a secure and seamless experience.

This is a developing story: Maya Demands Users Return Crypto Profit After ₱1 per USDC Price Error

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