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

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The Bitcoin (BTC) miner who obtained the 19.8 BTC in charges has returned the funds to blockchain infrastructure agency Paxos, after its claims that the corporate made the error of paying over $500,000 in BTC switch charges. 

On Sept. 10, the crypto neighborhood was puzzled after seeing a BTC transaction that paid around $500,000 in fees to maneuver round $2,000, whereas the common community charge was round $2. Numerous speculations have been raised, with some believing that the transaction was completed by copy-pasting information and by chance pasting an output into the charge field with out double-checking. 

On Sept. 13, Paxos introduced that it was their server that made the switch. Following its declare, the corporate assured its customers that their funds have been protected and that the funds belonged to Paxos. The corporate additionally clarified that PayPal was not concerned within the mistake and admitted that the error was its personal.

Nearly a day after Paxos’ claims, the Bitcoin miner who obtained the funds went on X (previously Twitter) to express frustrations after agreeing to refund the quantity to Paxos. The miner requested their X followers what they might do in his stead, and a majority voted to only distribute the cash to different Bitcoin miners.

Nevertheless, this recommendation would not seem to have been taken. Blockchain information shared by Bitcoin explorer Mempool confirmed that the funds have been certainly returned on Sept. 15.

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Hundreds of {dollars} in transaction charge errors have been misplaced earlier than. Again in 2019, an Ethereum consumer misplaced virtually $400,000 in Ether (ETH) after making the error of pasting values within the unsuitable fields. Fortunately, the Ethereum mining pool Sparkpool helped the user recover half of the funds misplaced.

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