Paxos recovers its $500,000 'fat finger' Bitcoin transaction fee

Quick Take

  • Paxos recovered the $500,000 bitcoin transaction fee overpayment made on Sept. 10. 
  • F2Pool, the miner that facilitated the transaction, confirmed the reimbursement on social media. 

Crypto services provider Paxos has recovered a "fat finger" overpayment for a Bitcoin transaction fee worth around $500,000. 

On-chain data reviewed by The Block Research shows that the wallet that made the overpayment of 19.8 BTC earlier this week recovered the funds on Sept. 15. F2Pool also confirmed the recovery on social media. 

"We would like to provide an update regarding the recent mistakenly overpaid ~20 BTC transaction fee we received," F2Pool wrote. "After conducting identity verification, we have confirmed the ownership of these BTC, and fully refunded the fee to the sender, Paxos."

The initial transaction

On Sept. 10, an unidentified entity paid the transaction fee to move just 0.008 ($200) worth of bitcoin, marking one of the most expensive USD-based bitcoin transactions ever. The wallet was later identified to be owned by Paxos, which stated that it was working with the miner that processed that transaction, F2Pool, to recover the funds. 

Paxos did not respond to a request for comment from The Block regarding the fee refund. 

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