- F2Pool has returned Paxos’ overpaid fee.
- The mining pool decided against the recommendations of a community poll it organized.
- Despite the happy ending for Paxos, F2Pool’s decision has sparked centralization debates.
After an eventful week, blockchain infrastructure provider Paxos can breathe a sigh of relief.
On Wednesday, September 13, the firm admitted ownership of a wallet, which grabbed headlines for paying a record-breaking 19.8 BTC (approximately $510,750 at the time) to move only about 0.074 BTC ( about $1,916 at the time) on September 10.
After a back and forth with F2Pool, the miner of the transaction block, recent data shared by mempool reveals that the firm has managed to recoup the funds.
Overpaid Fee Returned
In a tweet on Friday, September 15, mempool shared on-chain data showing that F2Pool had returned the overpaid 19.8 BTC fee to Paxos.
Despite the happy ending for Paxos, the road to recovery was not without hurdles. While at the time of the incident, F2Pool had offered a three-day window for the erring party, later confirmed to be Paxos, to claim the coins, a time zone disparity appeared to have sparked a dispute between both parties.
Following the dispute, F2Pool co-founder Chun Wang left Paxos’ fate to the crypto community but appears to have had a change of heart.
F2Pool Defies Community Poll
Disclosing an annoyance with Paxos’ approach, Wang launched a Twitter Poll to let the crypto community decide what happened to the 19.8 BTC fee. The options were a full refund to Paxos, miner distribution, a halfway split, and freezing the funds.
After 4,811 votes, the result of the poll showed that the majority voted in favor of distributing the fee to miners. However, as the recent data indicates, F2Pool decided to go against the polls.
Sponsored
Some have criticized the mining pool’s decision, raising centralization concerns. These critics have urged F2Pool miners to switch pools.
F2Pool’s Wang did not immediately respond to a request for comment.
On the Flipside
- Paxos had claimed that customer funds were unaffected.
- The blockchain infrastructure firm attributed the miscalculated fee to a software bug it claims has now been resolved.
Why This Matters
The overpaid Paxos fee sparked significant conversation as it broke the record for the highest-ever fee for a Bitcoin transaction. While Paxos gets a happy ending, debates over the fallout of the debacle continue.
Read this to learn more about the controversial transaction:
User Pays $500,000 for a Single Bitcoin Transaction: Details
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