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Stablecoin Issuer Paxos Overpays $510

Stablecoin Issuer Paxos Overpays $510,750 on Bitcoin Transaction

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287 Listen to this article Oops! Paxos Mistakenly Shells Out Half a Million on a Bitcoin Fee In what appears […]

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Oops! Paxos Mistakenly Shells Out Half a Million on a Bitcoin Fee

In what appears to be a pricey hiccup, stablecoin heavyweight Paxos reportedly dished out an eye-watering $510,750 for a Bitcoin transaction fee this past September 10. A fluke? Definitely. And it’s been confirmed by a representative from none other than PayPal, Paxos’ key infrastructure ally.

In a recent statement, the spokesperson detailed, “On September 10, 2023, Paxos had a bit of a mishap by overpaying a BTC network fee. To clear the air, this blunder affected only the ins and outs of Paxos’ corporate side of things. Thankfully, our clients and everyday users can breathe easy; their funds are untouched and safe as houses. We tracked the error down to a bug in a single transfer, and we’ve already squashed it. We’re now knocking on the miner’s door to see if we can get those funds back.”

To give this some context, this isn’t just any fee blunder. This stands as the heftiest Bitcoin transaction fee in terms of U.S. dollars to date. Now, for those familiar with the unpredictable waters of cryptocurrency, Paxos usually sets its transaction fees based on how much demand there is in the market and how congested the network might be. And sure, while these fees can dance up and down, seeing a fee soar past the $500,000 mark for a minuscule transaction? That’s not just rare; it’s unheard of!

Diving into the nitty-gritty, the blockchain data showcases the magnitude of the error. Paxos shelled out around 20 BTC, equivalent to a whopping $515,000 at that time, all to send a mere 0.07 BTC – something valued at less than $2,000. Talk about an expensive send-off! Paxos, not skipping a beat, has already reached out to the mining company that stamped the approval on the Bitcoin transaction. Fingers crossed, they’re hoping to claw back those lost funds. Stay tuned!

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