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After becoming the recipient of the largest accidental transaction fee in Bitcoin history last week, the F2Pool mining pool showed integrity by returning the 19.82108632 bitcoin, valued at around $510,000, to the Paxos exchange.
On Sunday, September 10, Paxos attempted to transfer 0.074 bitcoin, worth around $2,000. However, due to a bug, the transaction fee ended up being 19 bitcoin, equivalent to approximately $510,00.
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The inflated transaction fee was received by the mining pool F2Pool. As reported by on-chain data provider Mempool, F2Pool returned the 19.82108632 BTC overpayment back to Paxos after the company took responsibility for the error.
Paxos acknowledged the mistake resulted from a software glitch in a single transfer, which has now been fixed. The company reassured customers that the inflated fee only impacted Paxos' corporate operations and that customer funds were never at risk.
After analyzing the incident, Jameson Lopp, co-founder of crypto security company CasaHODL, speculated that the mistake likely originated from faulty change output calculations by the exchange or payment processor.
Initially, some speculated PayPal may have been involved due to similarities with past transaction patterns. However, Paxos declined to confirm or deny any relation to PayPal.
The co-founder of F2Pool, Chun Wang, stated that Paxos could claim the overpayment within three days, otherwise, the funds would be redistributed to F2Pool's miners. This decision aimed to address unclaimed fees fairly.
By returning the mistakenly sent bitcoin, F2Pool helped Paxos recover from a very costly transaction error.
This event serves not only as a
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