The address behind overpaying a mighty amount of $500k in fees for a single Bitcoin transaction has been identified as the stablecoin issuer Paxos.
On September 10, the largest cryptocurrency network, Bitcoin, recorded a transaction with the most expensive fee paid. While several crypto analysts find the address to be related to PayPal, an official from the Paxos team confirmed that the address belongs to Paxos.
The Paxos spokesperson clarified that it was Paxos that overpaid the BTC network fee on September 10th, adding that the incident only affected Paxos corporate operations.
“Paxos clients and end users have not been affected and all customer funds are safe,” the spokesperson said. “This was due to a bug on a single transfer and it has been fixed.”
The official also added that Paxos is in contact with the miner to recover overpaid funds. Paxos has the chance to reclaim the fee, as the mining entity F2Pool said it would put a hold on these funds for three days in case the user wants to reverse their mistake.
Before the confirmation from Paxos, the crypto community claimed that it was PayPal behind paying the whopping amount, as the address’s transaction records match the payment giant’s activity.
The transaction became abuzz among the crypto community as it paid a fee of 19.82 BTC, or approximately $510k, to transfer a minimal amount of $2000.
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