Paxos Takes Action After $512,000 Error, Contacts Miner

The $512,000 error was initially associated with PayPal, but it was later determined to be related to Paxos.

A mysterious user on September 10, 2023, sparked a major media sensation by paying a transaction fee of $512,000 just to move a mere 0.008 BTC. You can read the details of the story in our article below.

While this transaction was initially associated with PayPal, it was eventually determined that the error was related to Paxos, Paxos’s cryptocurrency infrastructure partner.

However, a spokesperson from Paxos stated to The Block, ‘Paxos overpaid the BTC network fee on September 10, 2023.

“This only affected Paxos’ corporate operations. Paxos customers and end-users were not affected, and all customer funds are secure.”
Paxos Spokesperson
Contacted to Recover the Extra Transaction Fee

It was also noted that the error occurred due to a mistake in a single transaction and has been rectified. Paxos has further stated that they are in communication with the miner to recover the excess transaction fee.

Moreover, an individual knowledgeable about the incident confirmed that the error was entirely Paxos’s responsibility, affirming that PayPal had no role in this incident.

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