Paxos, a crypto service provider, has successfully recovered a Bitcoin transaction fee mistakenly sent in excess of $500,000 due to a “fat finger” error. According to on-chain data analyzed by The Block Research, the wallet responsible for the accidental overpayment of 19.8 BTC earlier this week has reclaimed the funds on September 15. F2Pool, the mining pool involved in processing the transaction, also confirmed the fee recovery through its social media channels, media reports said.
In an official statement, F2Pool shared an update regarding the incident, stating, “We would like to provide an update regarding the recent accidental overpayment of approximately 20 BTC in transaction fees we received. After conducting identity verification, we have confirmed the ownership of these BTC and have promptly refunded the fee to the sender, Paxos.”
On September 10, an unidentified entity inadvertently paid a transaction fee equivalent to $200 to transfer a mere 0.008 Bitcoin, making it one of the costliest USD-denominated Bitcoin transactions ever recorded. Subsequently, it was discovered that the wallet in question belonged to Paxos. Paxos, in collaboration with the miner responsible for processing the transaction, F2Pool, worked diligently to recover the mistakenly sent funds.
As of now, Paxos has not issued any comments in response to The Block’s request for further information regarding the fee refund.