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<div class="cryptonews"> 
 <p class="is-style-lead">Blockchain infrastructure platform Paxos is said to be behind what appears to be the largest fee paid for one Bitcoin <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>.</p> 
 <p>Paxos, a New York-based regulated blockchain firm behind stablecoins PYUSD, BUSD and USDP, appears to be the entity that overpaid $500,000+ to move just&nbsp;0.074 BTC (~$1,911 at that time) to Binance.</p> 
 <p>As crypto.news reported, the <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> — registered on Sept. 10 at 5:04 AM (UTC) — was first spotted by Whale Alert, a service that tracks crypto <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s. An unidentified entity paid a whopping 19.82 BTC (~$511,512), while Bitcoin’s average <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fee at that moment was at 0.000084 BTC (~$2), according to IntoTheBlock data.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Whale mistakenly pays record $500k fee to move $1.9k BTC 
 </div> 
 <p>Later, an X user under the alias mononaut said it was PayPal who paid the fees, which was thought to be a “fat-fingered” <a rel="dofollow" title="mistake" href="https://thebittimes.com/tag/mistake.html">mistake</a> at that time.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr"> BREAKING <br>The fat fingers belong to PayPal https://t.co/pKN0w5SfKB</p>— mononaut (@mononautical) September 13, 2023
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 <p>However, a spokesperson for PayPal later told media outlets that its infrastructure partner Paxos was responsible for the overpayment.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“This was due to a bug on a single transfer and it has been fixed. Paxos is in contact with the miner to recoup the funds.”</p> <cite>PayPal</cite>
 </blockquote> 
 <p>Crypto.news contacted Paxos for comment, but the company did not respond immediately.</p> 
 <p>Although the incident is a record for the Bitcoin ecosystem, it’s not the first time someone has paid enormous fees for a single <a rel="dofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>.</p> 
 <p>For example, a similar incident happened in September 2021 when someone at DeversiFi, an Ethereum-based exchange, also paid a massive 7,676 ETH (currently worth $12.3 million) in fees to move $100,000. The erroneous fee was later&nbsp;refunded.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC to pursue Paxos for Binance USD stablecoin issuance 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/paxos-mistakenly-paid-over-500k-for-one-bitcoin-transaction-tbt62713.html">https://thebittimes.com/paxos-mistakenly-paid-over-500k-for-one-bitcoin-transaction-tbt62713.html</a></p>

Paxos mistakenly paid over $500k for one Bitcoin transaction

TheBitTimes

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