Bitcoin Miner F2Pool Goes Back To Paxos the Overpaid Deal Cost Worth $510,000

Bitcoin miner F2Pool has actually effectively reversed a current incorrect bitcoin deal that led to an exceedingly high deal charge of $510,000, nearly 480,000 times the typical network charge of $2.176. The accountable celebration, Paxos, acknowledged its mistake and recognized it as a bug in a single transfer.

According to on-chain information from Mempool on X, F2Pool has actually sent out the 19.82108632 BTC charge overpayment back to Paxos. This refund follows comprehensive conversations within the bitcoin neighborhood, with figures like Stake.fish creator Chun Wang revealing remorse over accepting the refund with Paxos.

F2Pool have actually sent out the 19.82108632 BTC charge overpayment back to Paxos https://t.co/IB32RNq5uO

— mempool (@mempool) September 15, 2023

Miner Returns Overpayment

On September 10, 2023, Paxos tried to move a modest 0.074 BTC, valued at less than $2,000. Nevertheless, a mistake happened, leading to a deal charge of 19 BTC, comparable to around $510,000. This abnormality marked the greatest deal charge ever tape-recorded on the bitcoin network.

Jameson Lopp, co-founder of CasaHODL, evaluated the occurrence and hypothesized that the error might have stemmed from a software application problem within an exchange or payment processor’s address handling system. Lopp mentioned that the address in concern, which had actually processed over 60,000 deals, most likely experienced a mistake in the modification output, causing the exceedingly high deal charge.

The deal that paid almost 20 BTC ($ 500,000) charge a couple of hours ago appear like an exchange or payment processor with buggy software application.

They have actually gotten 60,000+ txns and sent out 60,000+ txns from the very same address (bad practice) and most likely computed their modification output improperly. pic.twitter.com/s44Yc8S2ia

— Jameson Lopp (@lopp) September 10, 2023

Chun Wang, co-founder of F2Pool, exposed that the user had a three-day window to declare the paid too much costs. In case of non-claim, the miner would rearrange the funds amongst miners, a choice focused on fairly attending to possible unclaimed costs.

Lopp applauded the BTC network for its cooperative nature after the return. He revealed that bitcoin is an adversarial network, however on the other side, it’s likewise a cooperative one. Lopp highlighted that miners, being human, comprehend that errors can take place. While keeping extreme deal costs might yield short-term gains, he thought about the choice to return the funds as the gentle option.

Paypal’s Participation Speculation

Preliminary speculations pointed towards PayPal’s participation, as the digital wallet’s deal habits looked like a formerly associated defunct address. Nevertheless, a Paxos representative neither validated nor rejected any connection to PayPal.

There have actually been circumstances in the past that saw comparable events. In 2019, an Ethereum user lost almost $400,000 in Ether after incorrectly inputting worths in the incorrect fields. Thankfully, the Ethereum mining swimming pool Sparkpool actioned in and helped in recuperating half of the lost funds.