F2Pool returns 19 BTC to Paxos after overpayment of over $500k

A current inaccurate Bitcoin transaction that led to an inflated transaction charge of $510,000, practically 480,000 occasions the common community charge of $2.176, traced again to Paxos, has been returned.

The corporate acknowledged its mistake, attributing the inflated charge to a bug in a single switch that has now been rectified by F2Pool, the miner who acquired the overpayment.

In response to on-chain information shared by Mempool on X,

“F2Pool have despatched the 19.82108632 BTC charge overpayment again to Paxos.”

Paxos tried to switch a mere 0.074 BTC, valued at lower than $2,000, on September 10, 2023. Nonetheless, the ensuing transaction charge was an astounding 19 BTC, equal to about $510,000. The discrepancy resulted within the highest transaction charge ever recorded on the Bitcoin community.

Jameson Lopp, the co-founder of CasaHODL, analyzed the incident and speculated that the error may need originated from an alternate or fee processor tackle software program situation. Lopp famous that the tackle in query, which has dealt with greater than 60,000 transactions, probably miscalculated the change output, resulting in the inflated transaction charge.

The co-founder of F2Pool, Chun Wang, acknowledged that the person may declare the overpaid charges inside a three-day window. If unclaimed, the funds can be redistributed amongst miners— a call aiming to deal with potential unclaimed charges equitably.

Paxos took accountability for the error, confirming that the incident solely affected the corporate’s company operations and reassured clients funds have been secure. The corporate is presently engaged on recovering the charge by way of a Bitcoin miner.

Early hypothesis urged PayPal’s involvement as a result of digital pockets’s transaction behaviors, which resembled these of a defunct tackle beforehand related to PayPal. Nonetheless, a Paxos spokesperson declined to verify or deny any relation to PayPal.

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