{"id":551289,"date":"2023-09-14T16:00:22","date_gmt":"2023-09-14T16:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=551289"},"modified":"2024-06-11T08:04:54","modified_gmt":"2024-06-11T08:04:54","slug":"bitcoin-500000-fee","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-500000-fee\/","title":{"rendered":"The Real Reason Behind That Bitcoin Transaction With A $500,000 Fee Has Been Revealed"},"content":{"rendered":"

In a surprising twist of events, Paxos has come forward to take the blame for the $500,000 Bitcoin fee payment after PayPal was accused of being the party responsible for the exorbitant fee transfer.\u00a0<\/span><\/p>\n

Paxos Comes Forward As Guilty Party<\/h2>\n

Paxos<\/a>, a New York-based blockchain infrastructure company and the issuer of <\/span>PayPal USD (PYUSD)<\/span><\/a> and Pax Dollar (USDP), recently admitted responsibility for a substantial $510,000 Bitcoin fee payment<\/a>, the highest fee ever paid in US dollars for a single Bitcoin transaction.\u00a0<\/span><\/p>\n

Related Reading: This Latest Move Suggests SEC Lawsuit Against Ripple Is Pushing The Crypto Firm Outside The US<\/a><\/div>\n

The story began when several blockchain sleuths noticed the abnormally high Bitcoin network transaction fee of 19.89 BTC attached to a relatively small Bitcoin transfer of 0.074 BTC. Usually, BTC network fees range from $1-$5 and sometimes $50 when network activities are high, so the fee instantly piqued interest.\u00a0<\/span><\/p>\n

An analysis by an X (formerly Twitter) user, Mononautical <\/span>claimed<\/span><\/a> that the entity behind the overly paid Bitcoin fee transaction was PayPal because the address behind the transaction was similar to one tagged as PayPal on OXT, a mobile block explorer for Bitcoin. In light of these rumors, Paxos has come forward to debunk the statement, clarifying that it was indeed an error on their part.<\/span><\/p>\n

Paxos has stated that the substantial BTC fee was caused by a bug error on the Bitcoin transfer. However, the blockchain infrastructure company has begun making plans to reclaim the lost funds from BTC miners involved in the transfer.\u00a0<\/span><\/p>\n

\u201cPaxos overpaid the BTC network fee on Sept. 10, 2023. This only impacted Paxos’ corporate operations. Paxos clients and end users have not been affected and all customer funds are safe,\u201d the blockchain service provider said.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price holds $26,300 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Bitcoin Miners Contemplate Refund<\/h2>\n
Presently, Bitcoin miners are contemplating refunding the significant Bitcoin network fee paid by Paxos for a 0.074 BTC transfer. The mining company involved in the transfer was Stakefish, a leading validator for proof of stake blockchains.\u00a0<\/span><\/p>\n
The CEO and Founder of Stakefish, Chun Wang announced in a <\/span>post on X<\/span><\/a> that the individual behind the overly paid BTC fee transaction should come forward and reclaim their funds within three days.\u00a0<\/span><\/p>\n
Following the announcement, a claim was made after three days, however, Wang has been uncertain about releasing the Bitcoin fee funds. He <\/span>stated<\/span><\/a> that he felt contrite about giving consent to the reimbursement and asked if he should split the funds between miners and Paxos.\u00a0<\/span><\/p>\n
Related Reading: Crypto Analyst Predicts Where Bitcoin Price Will Be By End Of Year<\/a><\/div>\n
A few members of the crypto community had suggested distributing the funds to miners, while others proposed splitting the funds equally between Paxos and miners. All things considered, the loss of the Bitcoin fee funds has been a huge blow to Paxos, raising concerns about the firm\u2019s security.\u00a0<\/span><\/p>\n
The crypto infrastructure provider has also been on the United States Securities and Exchange Commission\u2019s (SEC) radar, for allegedly <\/span>infringing several investor protection laws<\/span><\/a> in issuing the BUSD stablecoin. Paxos also faces significant regulatory challenges in several regions including <\/span>Canada<\/span><\/a> and <\/span>New York<\/span><\/a>.<\/span><\/p>\n
Featured image from StormGain, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a surprising twist of events, Paxos has come forward to take the blame for the $500,000 Bitcoin fee payment after PayPal was accused of being the party responsible for the exorbitant fee transfer.\u00a0 Paxos Comes Forward As Guilty Party Paxos, a New York-based blockchain infrastructure company and the issuer of PayPal USD (PYUSD) and Pax Dollar (USDP), recently admitted responsibility for a substantial $510,000 Bitcoin fee payment, the highest fee ever paid in US dollars for a single Bitcoin transaction.\u00a0 Related Reading: This Latest Move Suggests SEC Lawsuit Against Ripple Is Pushing The Crypto Firm Outside The US The story began when several blockchain sleuths noticed the abnormally high Bitcoin network transaction fee of 19.89 BTC attached to a relatively small Bitcoin transfer of 0.074 BTC. Usually, BTC network fees range from $1-$5 and sometimes $50 when network activities are high, so the fee instantly piqued interest.\u00a0 An analysis by an X (formerly Twitter) user, Mononautical claimed that the entity behind the overly paid Bitcoin fee transaction was PayPal because the address behind the transaction was similar to one tagged as PayPal on OXT, a mobile block explorer for Bitcoin. In light of these rumors, Paxos has come forward to debunk the statement, clarifying that it was indeed an error on their part. Paxos has stated that the substantial BTC fee was caused by a bug error on the Bitcoin transfer. However, the blockchain infrastructure company has begun making plans to reclaim the lost funds from BTC miners involved in the transfer.\u00a0 \u201cPaxos overpaid the BTC network fee on Sept. 10, 2023. This only impacted Paxos’ corporate operations. Paxos clients and end users have not been affected and all customer funds are safe,\u201d the blockchain service provider said. BTC price holds $26,300 | Source: BTCUSD on Tradingview.com Bitcoin Miners Contemplate Refund Presently, Bitcoin miners are contemplating refunding the significant Bitcoin network fee paid by Paxos for a 0.074 BTC transfer. The mining company involved in the transfer was Stakefish, a leading validator for proof of stake blockchains.\u00a0 The CEO and Founder of Stakefish, Chun Wang announced in a post on X that the individual behind the overly paid BTC fee transaction should come forward and reclaim their funds within three days.\u00a0 Following the announcement, a claim was made after three days, however, Wang has been uncertain about releasing the Bitcoin fee funds. He stated that he felt contrite about giving consent to the reimbursement and asked if he should split the funds between miners and Paxos.\u00a0 Related Reading: Crypto Analyst Predicts Where Bitcoin Price Will Be By End Of Year A few members of the crypto community had suggested distributing the funds to miners, while others proposed splitting the funds equally between Paxos and miners. All things considered, the loss of the Bitcoin fee funds has been a huge blow to Paxos, raising concerns about the firm\u2019s security.\u00a0 The crypto infrastructure provider has also been on the United States Securities and Exchange Commission\u2019s (SEC) radar, for allegedly infringing several investor protection laws in issuing the BUSD stablecoin. Paxos also faces significant regulatory challenges in several regions including Canada and New York. Featured image from StormGain, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":551292,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,10530,656,679,773,1119,89386,89185,1144,78790,14737,3378],"class_list":["post-551289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-fee","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-transaction","tag-btc","tag-btc-fee","tag-btc-news","tag-btcusd","tag-btcusdt","tag-paxos","tag-paypal"],"acf":[],"yoast_head":"\nThe Real Reason Behind That Bitcoin Transaction With A $500,000 Fee Has Been Revealed<\/title>\n<meta name=\"description\" content=\"In a surprising twist of events, Paxos has come forward to take the blame for the $500,000 Bitcoin fee payment.\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"The Real Reason Behind That Bitcoin Transaction With A $500,000 Fee Has Been Revealed","url":"http:\/\/uniquehot.com\/news\/bitcoin-500000-fee\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-500000-fee\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-500000-.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-500000-.jpeg?fit=1600%2C1121"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin fee","bitcoin news","bitcoin price","bitcoin transaction","btc","btc fee","btc news","btcusd","btcusdt","paxos","paypal"],"dateCreated":"2023-09-14T16:00:22Z","datePublished":"2023-09-14T16:00:22Z","dateModified":"2024-06-11T08:04:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"The Real Reason Behind That Bitcoin Transaction With A $500,000 Fee Has Been Revealed\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-500000-fee\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-500000-fee\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-500000-.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-500000-.jpeg?fit=1600%2C1121\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin fee\",\"bitcoin news\",\"bitcoin price\",\"bitcoin transaction\",\"btc\",\"btc fee\",\"btc news\",\"btcusd\",\"btcusdt\",\"paxos\",\"paypal\"],\"dateCreated\":\"2023-09-14T16:00:22Z\",\"datePublished\":\"2023-09-14T16:00:22Z\",\"dateModified\":\"2024-06-11T08:04:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-500000-.jpeg?fit=1600%2C1121","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=551289"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/551292"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=551289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=551289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=551289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}