$3 Million for a Bitcoin Transaction Fee? Here’s what happened…

AntPool, the biggest Bitcoin mining pool, has agreed to refund a record-breaking $3 million transaction fee that was paid last week. The user had submitted 83 BTC as a gas fee, and AntPool’s risk control system temporarily froze the fee when packaging the transaction. The mining pool has requested the original owner of the funds to verify their personal identity and prepare a signing tool, such as Electrum or Bitcoin Core, using the private key of the address that sent the transaction to sign the message “AntPool.” The user has until December 10, 2023, to complete the verification and claim the refund. This decision by AntPool demonstrates responsibility in the crypto space and helps bolster user trust.

The recent incident involved a Bitcoin user who claims to have been a victim of a hack. Allegedely, the hacker paid a record-breaking transaction fee of 83.6 BTC (equivalent to $3.1 million) for a transfer of 55.77 BTC (approximately $2.1 million) and the goal of this high fee was to speed-up the trnsaction. The transaction was processed, and the exorbitant fee was confirmed in Block 88087, which was mined by AntPool, but their network flagged it as a high-alert.

AntPool has agreed to refund the extraordinary fee, and the user has been given until December 10, 2023, to claim the refund. To initiate the refund process, the individual needs to verify their personal identity and prepare a signing tool, such as Electrum or Bitcoin Core, to sign the message “AntPool” using the private key of the address that sent the transaction. The signed text should then be sent to AntPool’s support email address.

While Bitcoin transactions allow users to choose the fee amount to incentivize miners to prioritize their transactions, the average fee for a Bitcoin transaction is currently much lower, at approximately $7.50 and below.

Curiously, this is not the first time we hear about extortionately high fees. The previous record-high fee was just a few months ago, when a user paid 19.8 BTC fee by mistake (approx. $500,000 at the time) and that was refunded by F2pool, who mined the block with that transaction. 

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