Bitcoin Mining Pool F2Pool Refunds BTC to Wallet That Accidentally Paid $500,000 in Transaction Fees

Paxos, a regulated cryptocurrency platform, managed to get back $500,000 in Bitcoin transaction fees it accidentally overpaid on September 10. F2Pool, the mining pool that carried out the transaction, confirmed the refund on social media.

F2Pool said the following about the incident in his Tweet:

“We would like to provide an update regarding the ~20 BTC transaction fee that was recently accidentally overpaid. “After authenticating, we confirmed who these BTCs belonged to and fully refunded the fee to the sender, Paxos.”

Chun Wang, co-founder of F2Pool, stated that the user can claim back the overpaid fees within a three-day period.

Onchain data also shows that the wallet that made the 19.8 BTC overpayment earlier this week received the money back from F2Pool. The transaction was one of the most expensive ever on the Bitcoin network, as Paxos attempted to transfer only 0.074 BTC, worth less than $2,000, but ended up paying 19 BTC in transaction fees, equivalent to approximately $510,000.

Paxos took responsibility for the error, confirming that the incident affected only the company's corporate operations and reassuring customers that their funds were safe.

*This is not investment advice.