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HomeNewsPaxos confirms it’s responsible for $500K mistaken Bitcoin transaction

Paxos confirms it’s responsible for $500K mistaken Bitcoin transaction

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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.

Source: Cointelegraph

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