In a surprising twist of events, Paxos has come forward to take the blame for the $500,000 Bitcoin fee payment after PayPal was accused of being the party responsible for the exorbitant fee transfer.
Paxos Comes Forward As Guilty Party
Paxos, a New York-based blockchain infrastructure company and the issuer of PayPal USD (PYUSD) and Pax Dollar (USDP), recently admitted responsibility for a substantial $510,000 Bitcoin fee payment, the highest fee ever paid in US dollars for a single Bitcoin transaction.
The story began when several blockchain sleuths noticed the abnormally high Bitcoin network transaction fee of 19.89 BTC attached to a relatively small Bitcoin transfer of 0.074 BTC. Usually, BTC network fees range from $1-$5 and sometimes $50 when network activities are high, so the fee instantly piqued interest.
An analysis by an X (formerly Twitter) user, Mononautical claimed that the entity behind the overly paid Bitcoin fee transaction was PayPal because the address behind th
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