TL;DR:
👉 Paxos overpaid $500,000 in Bitcoin transfer fees but confirmed it was their mistake. 👉 Users speculated that PayPal was responsible, but Paxos clarified it was their error. 👉 The mistaken transaction occurred due to a bug and has been fixed. 👉 Paxos is in contact with the miner to recover the lost funds. 👉 This incident is not the first of its kind in the crypto world, with other costly mistakes happening before.
Facts:
- Paxos confirmed responsibility for a $500,000 overpayment in Bitcoin transfer fees.
- Speculation initially pointed towards PayPal as the responsible party, but Paxos clarified it was their error.
- The mistake occurred due to a bug in a single transfer and has since been rectified.
- Paxos assured that their clients and end-users were not affected, and customer funds are safe.
- The incident was discovered on September 10, 2023, when fees of around 20 BTC were paid to send just 0.07 BTC.
- Paxos is in communication with the miner to recover the lost funds.
- This is not the first instance of costly mistakes in the crypto world, as similar incidents have occurred in the past.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: Cointelegraph
