Paxos Retrieves $512,000 Overpaid Bitcoin Fee

Crypto services provider Paxos has recovered approximately $500,000 in an overpaid Bitcoin transaction fee. The wallet that initially made the overpayment of 19.8 BTC reclaimed the funds on September 15. Mining pool F2Pool confirmed the full refund on social media.

Paxos, a company offering cryptocurrency services, has successfully regained a mistakenly excessive Bitcoin transaction fee of around $512,000.

Blockchain data scrutinized by The Block Research indicates that the wallet responsible for the accidental overpayment of 19.8 BTC earlier this week managed to get the funds back on September 15. F2Pool, the mining pool involved, affirmed the reimbursement on their social media channels.

“We would like to provide an update regarding the recent mistakenly overpaid ~20 BTC transaction fee we received. After conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender, Paxos.”

The Originating Transaction

On September 10, an unknown party incurred a transaction fee to transfer a mere 0.008 BTC (roughly $200), marking it as one of the costliest USD-denominated Bitcoin transactions ever. It was later revealed that the wallet was owned by Paxos, who said they collaborated with F2Pool to recoup the misplaced funds.

Source: The Block

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