Company admits there is a R$2.6 million mistake in Bitcoin, but the miner won’t give it back

A Bitcoin transaction caught the attention of the community last Sunday (10) due to a grotesque error. By paying a fee 481,299 times higher than normal, a user sent 20 bitcoins (R$2.6 million) to miners.

Since the amount was clearly a mistake, F2Pool, which mined the block and received the twenty bitcoins, promised to refund the amount if the user in question responded within three days.

According to the community’s initial investigation, PayPal would have been the entity behind this transaction, but in a statement to BitcoinMagazine, the payment giant blamed its partner Paxos.

“Paxos paid too many BTC network fees on September 10, 2023”said a PayPal spokesperson. “This only affected Paxos’ business activities. Paxos customers and end users were not affected and all customer funds are safe.”

“This was due to a bug in a single transfer and has been resolved. Paxos is in contact with the mining company to recover the money.”

Owner of F2Pool is not very willing to give back the 20 bitcoins

In 2021, a broker paid R$115 million in fees on the Ethereum network. While Paxos’ mistake of R$2.5 million is far from that amount, it was enough to leave the record for the highest fee ever actually paid on the Bitcoin network.

Although there is no law regarding the return of this money, pools always have the common sense to look for the user who made the mistake, as happened in this case.

However, the owner of F2Pool does not seem willing to return the 20 Paxos bitcoins. In a tweet published on Wednesday (13), Chun even opened a vote on what to do with the amount, explaining his reasons.

“I was angry and regretted that I agreed to pay back those 20 BTC. Especially when I saw the person claiming [os bitcoins] says EST instead of EDT/UTC. The last time a Zcash guy did this I blocked his entire company.

“So what should I do?”

In the study, the owner of F2Pool points out four options: Give back the 20 bitcoins, distribute them to miners, half back or just freeze the amount. With 8 hours to go, 35.1% of his followers suggest that Chun will distribute the 20 bitcoins to miners, while 28.8% suggest that he return the amount to Paxos.

Chun, owner of F2Pool, suggests that he will not return the 20 bitcoins to Paxos.  Source:
Chun, owner of F2Pool, suggests that he will not return the 20 bitcoins to Paxos. Source:

In the links mentioned in his tweet, Chun recalls the occasion when a company gave out a bonus to its customers but ended up sending 701 bitcoins (R$91 million, at the current exchange rate) instead of 701 dollars (R$3,400). The case took place in May 2021.

“Stay away from people who can’t spell EDT.”

The acronyms Chun uses (EDT, EST, and UTC) refer to time zones and were likely used in conversations between the two parties to determine the time of the transaction.

Finally, F2Pool has no obligation to return the money to Paxos as this is just a form of cordiality. Either way, many expect the pool to take the friendlier path.

Source: Live Coins