Bitcoin
Bitcoin (BTC)
$66,797.00 0.88169
Bitcoin price
Ethereum
Ethereum (ETH)
$3,501.45 0.48419
Ethereum price
BNB
BNB (BNB)
$594.71 0.46283
BNB price
Solana
Solana (SOL)
$169.91 -0.59805
Solana price
XRP
XRP (XRP)
$0.5907350 4.03503
XRP price
Shiba Inu
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$0.0000183 3.05029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000123 -0.02868
Pepe price
Bonk
Bonk (BONK)
$0.0000309 1.05185
Bonk price
Bitcoin
Bitcoin (BTC)
$66,797.00 0.88169
Bitcoin price
Ethereum
Ethereum (ETH)
$3,501.45 0.48419
Ethereum price
BNB
BNB (BNB)
$594.71 0.46283
BNB price
Solana
Solana (SOL)
$169.91 -0.59805
Solana price
XRP
XRP (XRP)
$0.5907350 4.03503
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000183 3.05029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000123 -0.02868
Pepe price
Bonk
Bonk (BONK)
$0.0000309 1.05185
Bonk price
Bitcoin
Bitcoin (BTC)
$66,797.00 0.88169
Bitcoin price
Ethereum
Ethereum (ETH)
$3,501.45 0.48419
Ethereum price
BNB
BNB (BNB)
$594.71 0.46283
BNB price
Solana
Solana (SOL)
$169.91 -0.59805
Solana price
XRP
XRP (XRP)
$0.5907350 4.03503
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000183 3.05029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000123 -0.02868
Pepe price
Bonk
Bonk (BONK)
$0.0000309 1.05185
Bonk price
Bitcoin
Bitcoin (BTC)
$66,797.00 0.88169
Bitcoin price
Ethereum
Ethereum (ETH)
$3,501.45 0.48419
Ethereum price
BNB
BNB (BNB)
$594.71 0.46283
BNB price
Solana
Solana (SOL)
$169.91 -0.59805
Solana price
XRP
XRP (XRP)
$0.5907350 4.03503
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000183 3.05029
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000123 -0.02868
Pepe price
Bonk
Bonk (BONK)
$0.0000309 1.05185
Bonk price

Paxos mistakenly paid over $500k for one Bitcoin transaction

paxos-mistakenly-paid-over-500k-for-one-bitcoin-transaction
Edited by
Follow-up
Paxos mistakenly paid over $500k for one Bitcoin transaction

Blockchain infrastructure platform Paxos is said to be behind what appears to be the largest fee paid for one Bitcoin transaction.

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 0.074 BTC (~$1,911 at that time) to Binance.

As crypto.news reported, the transaction — registered on Sept. 10 at 5:04 AM (UTC) — was first spotted by Whale Alert, a service that tracks crypto transactions. An unidentified entity paid a whopping 19.82 BTC (~$511,512), while Bitcoin’s average transaction fee at that moment was at 0.000084 BTC (~$2), according to IntoTheBlock data.

Later, an X user under the alias mononaut said it was PayPal who paid the fees, which was thought to be a “fat-fingered” mistake at that time.

https://twitter.com/mononautical/status/1701968059597042077?s=20

However, a spokesperson for PayPal later told media outlets that its infrastructure partner Paxos was responsible for the overpayment.

“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.”

PayPal

Crypto.news contacted Paxos for details. The spokesperson for the company revealed that this only impacted Paxos corporate operations. Paxos clients and end users were unaffected, and all customer funds were safe. This was due to a bug on a single transfer, which was fixed.

Although the incident is a record for the Bitcoin ecosystem, it’s not the first time someone has paid enormous fees for a single transaction.

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 refunded.