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

by Cryptospacey

A latest misguided Bitcoin transaction that led to an inflated transaction payment of $510,000, almost 480,000 instances the common community payment of $2.176, traced again to Paxos, has been returned.

The corporate acknowledged its mistake, attributing the inflated payment 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 knowledge shared by Mempool on X,

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

Paxos tried to switch a mere 0.074 BTC, valued at lower than $2,000, on September 10, 2023. Nevertheless, the ensuing transaction payment was an astounding 19 BTC, equal to about $510,000. The discrepancy resulted within the highest transaction payment 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 trade or fee processor deal with software program situation. Lopp famous that the deal with in query, which has dealt with greater than 60,000 transactions, doubtless miscalculated the change output, resulting in the inflated transaction payment.

The co-founder of F2Pool, Chun Wang, said that the consumer might declare the overpaid charges inside a three-day window. If unclaimed, the funds can be redistributed amongst miners— a choice aiming to handle potential unclaimed charges equitably.

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

Early hypothesis advised PayPal’s involvement as a result of digital pockets’s transaction behaviors, which resembled these of a defunct deal with beforehand related to PayPal. Nevertheless, a Paxos spokesperson declined to substantiate or deny any relation to PayPal.

The publish F2Pool returns 19 BTC to Paxos after overpayment of over $500k appeared first on CryptoSlate.

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