Someone Paid $500K in For a $2,000 BTC Transaction

Someone Paid $500K in For a $2,000 BTC Transaction



The crypto community on X (Twitter) was baffled recently after an anonymous Bitcoin user paid a whopping 19.89 BTC (over $500,000) in transaction fees to move just 0.074 BTC (worth less than $2,000 at current rates).

The payment went to the Bitcoin mining pool F2Pool that generated the valid block. The team behind the entity revealed that the transaction will be put on hold for three days in case the person or organization who conducted it wants to claim it back. Otherwise, it will be distributed across the BTC miners part of the pool.

According to Jameson Lopp – co-founder and CTO of the self-custody solution CasaHODL – the $500K transaction appears to be an exchange or payment processor with “buggy software”:

“They’ve received 60,000+ txns and sent 60,000+ txns from the same address (bad practice) and likely calculated their change output incorrectly,” he added.

Other X users suggested that the unusually high transaction could be some kind of a deal between the one who sent the funds and the Bitcoin mining pool. Crypto analyst “sunnydecree” put the assumption about laundering BTC on the table.

bybit

It is worth mentioning that the average transaction fee when moving bitcoin is currently set at $2.18. The figure has varied over the years, typically spiking whenever the price of the primary cryptocurrency was heading up.

For example, BTC transaction fees surged above $30 in May this year when the asset’s valuation was eyeing $30,000.

The pool said the fees would be put on hold and if nobody reaches out in time, distributed to miners.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Ico-Investor
Fiverr
Ico-Investor
Someone Paid $500K in For a $2,000 BTC Transaction
bybit
Ledger
Bitcoin Mining vs. AI Hosting: The Unexpected Parallels Unveiled
Bitcoin, Ethereum to See $1.62 Billion Options Expire: What It Means for Prices
A Wrapped Bitcoin Token Interoperable With Ethereum and OP Mainnet
Understanding Bitcoin Treasury Strategies: Insights From Public Bitcoin Miners Like MARA
Bitcoin (BTC) Rally Could Stretch to Eight Months
BlackRock's BTC ETF Filing Could 'Democratize Crypto,' CEO Larry Fink Says
Changelly
Changelly
Crypto ETPs See $1.9 Billion Inflows As Bitcoin Surges To $110K
Vietnam Passes Landmark Law Defining Digital Assets, Boosting AI and Chip Sectors
Crypto Investor Loses $6.9 Million To Sketchy Cold Wallet
Bitcoin Holding $105K During War Is Bullish for Crypto
Dogecoin's (DOGE) Price Could Dump to 2025 Lows if This Support Fails: Analyst
Crypto ETPs See $1.9 Billion Inflows As Bitcoin Surges To $110K
Vietnam Passes Landmark Law Defining Digital Assets, Boosting AI and Chip Sectors
Crypto Investor Loses $6.9 Million To Sketchy Cold Wallet
Bitcoin Holding $105K During War Is Bullish for Crypto