A Bitcoin (BTC) miner who received a 19.8 BTC fee has returned the funds to blockchain infrastructure company Paxos after claiming it mistakenly paid more than $500,000 in BTC transfer fees.
F2Pool has refunded the overpaid fee of 19.82108632 BTC to Paxos https://t.co/IB32RNq5uO
— Memory Pool (@mempool) September 15, 2023
On September 10, the crypto community was baffled when they saw a BTC transaction that paid approximately $500,000 in fees for a transaction amount of approximately $2,000, while the average network fee was approximately $2. Various speculations have been raised, with some believing the transactions were completed by copy-pasting data and accidentally pasting the output into the fee box without double-checking.
On September 13, Paxos announced that their servers had made the transfer. After the claims were made, the company assured users that their funds were safe and that they belonged to Paxos. The company also clarified that PayPal had nothing to do with the error and acknowledged that the error was its own fault.
Almost a day after Paxos filed the claim, Bitcoin miners who received the funds expressed their frustration on X (formerly Twitter) after agreeing to return the amount to Paxos. The miner asked their X followers what they would do in his place, and the majority voted to distribute the money to other Bitcoin miners.
However, this suggestion does not appear to have been adopted.Blockchain data shared by Bitcoin browser Mempool comfirmed The funds were indeed returned on September 15th.
related: How to strike a balance between blockchain transparency and privacy: Nansen CEO
I’ve lost thousands of dollars before due to transaction fee errors. Back in 2019, an Ethereum user lost nearly $400,000 in ether (ETH) after mistakenly pasting a value into the wrong field. Fortunately, Ethereum mining pool Sparkpool helped users recover half of their lost funds.
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