There is a new development regarding the $500 thousand Bitcoin transaction fee, which has been a hot topic in the cryptocurrency world lately. Accordingly, the transaction fee is refundable.
Paxos admitted error behind huge Bitcoin transaction fee
In a recent incident that sent shockwaves through the cryptocurrency community, there was a Bitcoin transaction fee error. As we mentioned as Kriptokoin.com, it resulted in an astronomical fee of $ 510,000. Accordingly, the transaction fee was approximately 480,000 times the average network fee of $2,176. Paxos, the responsible party, has since acknowledged the mistake. Additionally, the miner who received the overpayment successfully fixed the bug with the help of F2Pool.
The costly mistake occurred when Paxos attempted to transfer a modest 0.074 BTC worth less than $2,000 on September 10, 2023. However, there was an unforeseen glitch. There was a staggering transaction fee of 19 BTC, equivalent to approximately $510,000. This event was the highest transaction fee ever recorded on the Bitcoin network.
F2Pool solves overpayment
Jameson Lopp, co-founder of CasaHODL, offered an analysis of the mishap. Accordingly, he speculated that the error may have been caused by a problem in the exchange or payment processor address software. Lopp had referenced the address in question, which was responsible for processing more than 60,000 transactions. Accordingly, he states that he probably miscalculated the stock market output. He also observes that this leads to inflated Bitcoin transaction fees.
The mistake eventually becomes the subject of a positive development. It was corrected by F2Pool, who accepted the overpayment and refunded the 19.82108632 Bitcoin fee to Paxos. Chun Wang, co-founder of F2Pool, explained that the user has three days to claim the excess fee. If unclaimed, funds are redistributed among miners. It also ensures that the situation is handled fairly.
Responsibility for the incident
Paxos took full responsibility for the incident, assuring customers that their funds were safe and unaffected. The company is actively collaborating with a Bitcoin miner to reverse the excessive fee. Initial speculation surrounding the incident hinted at PayPal’s involvement, with transaction behavior resembling a defunct address associated with the digital wallet giant.
However, Paxos has not confirmed or denied any connection to PayPal. Therefore leaving the exact cause of the error still unclear. Of course, it is noteworthy that it turned out positively. On the other hand, this event has become one of the unforgettable events in the history of crypto money.
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