The Bitcoin (BTC) miner who received 19.8 BTC in fees has returned the funds to blockchain infrastructure company Paxos after claiming the company made the mistake of charging more than $500,000 for one BTC -Transfer to pay.
On September 10, the crypto community was stunned to see such a BTC transaction paid about $500,000 in commissions to move about $2,000, while the average commission on the network was around $2. Various speculations have been expressed, with some suggesting that the transaction was made by accidentally copying and pasting data into the commission field without double verification.
On September 13th Paxos announced that the transfer was made from their server. According to his statement, the company assured its users that their funds were safe and that the money paid in the transaction was company funds. The company also made this clear PayPal was not involved in the mistake and admitted it was all their fault.
Almost a day after Paxos’ claims, The Bitcoin miner who received the money took to X (formerly Twitter) to express his frustration after agreeing to return the amount to Paxos. The miner asked his X followers what they would do instead, and the majority voted to simply distribute the money among other Bitcoin miners.
However, this advice does not appear to have been followed. Blockchain data shared by Bitcoin explorer Mempool They confirmed that the funds were indeed returned on September 15th.
Thousands of dollars have already been lost due to errors in transaction fees. In 2019, an Ethereum user lost almost $400,000 in Ether (ETH) after making the mistake of entering values in the wrong fields. Fortunately, the Ethereum mining pool Sparkpool helped the user recover half of the lost funds.