On November 23, a Bitcoin user intending to send 139.42 BTC (then valued at roughly $5.1 million), was charged a transaction fee of 83.64 BTC ($3.1 million) \u2014 setting a new record in USD terms for a single BTC transaction. The recipient address received just 55.77 BTC, worth around $2 million.<\/p>\n
A Bitcoin user came forward and claimed to be the victim of the outrageous $3 million transaction fee, noting that it was their wallet that paid the fee and that a hack had hit them.<\/p>\n
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\u201cI created a new cold wallet, transferred 139 BTC to it and it got transferred out to another wallet immediately,\u201d the user \u201c83_5BTC\u201d said on X (formerly Twitter). \u201cI can only imagine that someone was running a script on that wallet and that the script had a weird fee calculation. 55 BTC gone forever. 83.5 BTC to be decided.\u201d<\/em><\/p>\n Antpool has yet to verify the victim\u2019s identity.<\/p>\n Nonetheless, BTC transaction fees have skyrocketed this month amid the re-emergence of Bitcoin-linked non-fungible tokens (NFT), known as Ordinals.<\/p>\n A similar scenario was witnessed in September when stablecoin issuer Paxos revealed it paid $500,000 in transaction fees to move 2,000 worth of BTC. F2Pool, the miner facilitating that transaction, ultimately refunded Paxos the overpayment.<\/p>\n It\u2019s worth mentioning that miners have no obligation to refund fees after someone has fat-fingered a Bitcoin transaction, but may decide to do so when the amounts involved are outsized.<\/p>\nHardly The First Bitcoiner To Overpay Transaction Fees<\/strong><\/h2>\n