A recent erroneous Bitcoin transaction that led to an inflated transaction fee of $510,000, nearly 480,000 times the average network fee of $2.176, traced back to Paxos, has been returned.
The company acknowledged its mistake, attributing the inflated fee to a bug in a single transfer that has now been rectified by F2Pool, the miner who received the overpayment.
According to on-chain data shared by Mempool on X,
“F2Pool have sent the 19.82108632 BTC fee overpayment back to Paxos.”
Paxos attempted to transfer a mere 0.074 BTC, valued at less than $2,000, on September 10, 2023. However, the resulting transaction fee was an astounding 19 BTC, equivalent to about $510,000. The discrepancy resulted in the highest transaction fee ever recorded on the Bitcoin network.
Jameson Lopp, the co-founder of CasaHODL, analyzed the incident and speculated that the error might have originated from an exchange or payment processor address software issue. Lopp noted that the address in question, which
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