Bitcoin Miner Returns $500,000 Mistakenly Paid in Fees to Paxos
Summary:
Bitcoin miner returns 19.8 BTC in fees to Paxos after a mistaken payment of over $500,000. Transaction error sparks speculation in the crypto community. Miner seeks advice from followers on social media but ultimately refunds the funds. Similar incidents of transaction fee mistakes have occurred in the past.
The Bitcoin miner who received the 19.8 BTC in fees has returned the funds to blockchain infrastructure firm Paxos. F2Pool sent the 19.82108632 BTC fee overpayment back to Paxos on September 15, according to Bitcoin explorer Mempool. On September 10, the crypto community was perplexed by a BTC transaction that paid around $500,000 in fees to move around $2,000. Speculation arose that the transaction was done mistakenly by copying and pasting data. On September 13, Paxos claimed responsibility for the transfer and assured users that their funds were safe. The company admitted the error was their own and that PayPal was not involved. Following Paxos' claims, the frustrated Bitcoin miner sought advice from their followers on X (formerly Twitter) and ultimately decided to refund the funds to Paxos. Despite suggestions to distribute the money to other Bitcoin miners, the funds were returned on September 15. Similar incidents of transaction fee mistakes, resulting in significant losses, have occurred in the past. In 2019, an Ethereum user lost almost $400,000 in Ether (ETH) due to a similar error but managed to recover half of the lost funds with the help of the Ethereum mining pool Sparkpool.
Published At
9/15/2023 10:23:41 AM
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