In a recent anomaly in the world of cryptocurrency transactions, Paxos, a leading crypto services provider, was identified as the entity behind a record Bitcoin transaction fee.
Paxos Announced as Source of Record-Breaking Bitcoin Fee
During this incident, an unidentified party mistakenly paid a staggering fee of 19.89 BTC, equivalent to nearly $500,000, to effect the transfer of just 0.008 BTC worth approximately $200.
Initially, Bitcoin Magazine attributed this transaction to global payments giant PayPal. However, subsequent investigations revealed that the error was actually linked to Paxos, a partner in PayPal's infrastructure.
A spokesperson from Paxos said: “Paxos overpaid the BTC network fee on September 10, 2023. This only affected Paxos' corporate operations. Paxos customers and end users are unaffected and all customer funds are safe.”
The spokesperson explained that the issue was caused by an error in an individual transfer and has since been fixed. Paxos is currently in communication with the miner to recover the overpaid funds.
The wallet involved in this incident is associated with an experienced Bitcoin user who has processed over 120,000 transactions.
According to reports, this wallet has until today to initiate efforts to recover the transaction fee from F2Pool, the Bitcoin mining pool responsible for processing the transaction.
A reliable insider source confirmed that the error was indeed attributable to Paxos and clarified that PayPal was not involved.
*This is not investment advice.