Miner returns over $500k in BTC transaction fee overpayment to Paxos

The Bitcoin (BTC) miner who received the 19.8 BTC successful fees has returned the funds to blockchain infrastructure steadfast Paxos, aft its claims that the institution made the mistake of paying implicit $500,000 successful BTC transportation fees. 

F2Pool person sent the 19.82108632 BTC interest overpayment backmost to Paxos https://t.co/IB32RNq5uO

On Sept. 10, the crypto assemblage was puzzled aft seeing a BTC transaction that paid astir $500,000 successful fees to determination astir $2,000, portion the mean web interest was astir $2. Various speculations were raised, with immoderate believing that the transaction was done by copy-pasting information and accidentally pasting an output into the interest container without double-checking. 

On Sept. 13, Paxos announced that it was their server that made the transfer. Following its claim, the institution assured its users that their funds were harmless and that the funds belonged to Paxos. The institution besides clarified that PayPal was not progressive successful the mistake and admitted that the mistake was its own.

Almost a time aft Paxos’ claims, the Bitcoin miner who received the funds went connected X (formerly Twitter) to express frustrations aft agreeing to refund the magnitude to Paxos. The miner asked their X followers what they would bash successful his stead, and a bulk voted to conscionable administer the wealth to different Bitcoin miners.

However, this proposal doesn't look to person been taken. Blockchain information shared by Bitcoin explorer Mempool confirmed that the funds were so returned connected Sept. 15.

Related: How to onslaught a equilibrium betwixt blockchain transparency and privacy: Nansen CEO

Thousands of dollars successful transaction interest mistakes person been mislaid before. Back successful 2019, an Ethereum idiosyncratic mislaid astir $400,000 successful Ether (ETH) aft making the mistake of pasting values successful the incorrect fields. Luckily, the Ethereum mining excavation Sparkpool helped the idiosyncratic retrieve half of the funds lost.

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