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Paxos receives more than $500k in BTC transaction fee overpayment from Miner

Paxos receives more than $500k in BTC transaction fee overpayment from Miner

– The Bitcoin miner who received 19.8 BTC in fees has returned the funds to Paxos.

– On Sept. 10, a BTC transaction paid around $500,000 in fees to move around $2,000.

– Speculations arose that the transaction was a mistake, possibly due to copy-pasting errors.

– Paxos confirmed that it was their server that made the transfer and assured users that their funds were safe.

– The Bitcoin miner expressed frustrations but ultimately agreed to refund the amount to Paxos.

– Blockchain data from Mempool confirmed that the funds were returned on Sept. 15.

– Similar fee mistakes have happened before, with one Ethereum user losing almost $400,000 in Ether in 2019.

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