Bitcoin miner returns to Paxos $500k in mistakenly paid fees

A Bitcoin miner who mistakenly received the 19.8 BTC in fees returned the funds to the New York-based regulated blockchain, Paxos.

On Sept. 10, a BTC transaction that moved only nearly $2,000 had a payment fee of $500,000.

Later, on Sept. 13, it was revealed that Paxos made the transaction. The company explained to crypto.news that it was due to an internal server mistake. Paxos added that the funds were safe and belonged to the team.

On Sept. 15, the F2Pool that received the fee have sent the 19.82108632 BTC overpayment back to Paxos.

Paxos is a blockchain infrastructure provider that was founded in Singapore in 2012. The company aims to bring regulatory oversight to digital assets and blockchain technology. Paxos has positioned itself as a trusted and reliable platform for consumers and financial institutions to engage with digital assets securely.

One of Paxos’ notable achievements is its partnership with the Monetary Authority of Singapore (MAS), which serves as the country’s financial regulator. This collaboration allows Paxos to operate under the oversight of MAS, ensuring that its services adhere to regulatory standards.

Paxos has a global presence, with offices in Singapore, New York, and London and a team of over 200 employees, according to Crunchbase.