Paxos Paid $500K in Fees to Move $2K in Bitcoin; Gemini Earn Users May Recover Funds

Paxos paid over $500K in fees to move $2K in Bitcoin, then got the funds returned after admitting the mistake.
A bankruptcy court approved the sale of FTX digital assets in weekly batches, excluding Bitcoin, Ether, and insider tokens.
A new agreement could allow Gemini Earn users to recover 95-110% of funds without contributing from Gemini.
Asset manager Franklin Templeton filed for a spot Bitcoin ETF with Coinbase as custodian and BNY Mellon as administrator.
Binance.US saw its CEO, legal head, and chief risk officer depart amid ongoing investigations and parent company layoffs.

cointelegraph.com

Relevant topic timeline:

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

Creditors of bankrupt crypto lender Genesis Global Capital have criticized a proposed $175 million deal with FTX, accusing Genesis of vote-buying and manipulating the bankruptcy process, further complicating Genesis' efforts to wind up its affairs and return money to customers.

9/13/2023

Paxos Releases Transparency Report Showing PYUSD Stablecoin Fully Backed by $44 Million in Assets

Paxos has released a transparency report confirming that its Ethereum-based stablecoin, PayPal USD (PYUSD), is fully backed by assets, with total tokens outstanding amounting to $44.4 million held in custody, primarily in U.S. Treasury reverse repurchase agreements.

9/13/2023

Paxos Confirms $510K BTC Fee was Bug, Says Miner Talks Ongoing to Recoup Overpayment

Crypto infrastructure provider Paxos has admitted to overpaying a $510,000 fee on a Bitcoin transaction due to a bug, but assured that it only affected their corporate operations and not their clients or customer funds.

9/13/2023

FTX Assets to Be Sold Off Gradually Under Court Supervision

The Delaware Bankruptcy Court has approved the sale of FTX digital assets, excluding Bitcoin, Ether, and certain insider-affiliated tokens, in weekly batches through an investment adviser, with limits set at $50 million for the first week and $100 million in subsequent weeks.

9/14/2023

Bitcoin Bug Results in $500K Fee for $2K Transaction, Paxos Seeks Refund from Miners After Costly Mistake

Bitcoin miners are considering refunding a $500,000 bitcoin fee paid by Paxos for a $2,000 transaction due to a bug, with different options being considered for the distribution of the fee.

9/15/2023

Bitcoin Mining Pool Refunds $520,000 Transaction Fee for $2,000 Transfer After Community Discussion

Bitcoin mining pool F2Pool has returned 19.8 bitcoin (BTC) to Paxos after a $520,000 fee was paid on a $2,000 transaction due to a "bug," with the refund being praised as a cooperative and humane decision by the bitcoin community.

Topics

Posted 9/16/2023, 9:07:45 PM

Paxos Paid $500K in Fees to Move $2K in Bitcoin; Gemini Earn Users May Recover Funds

Paxos paid over $500K in fees to move $2K in Bitcoin, then got the funds returned after admitting the mistake.
A bankruptcy court approved the sale of FTX digital assets in weekly batches, excluding Bitcoin, Ether, and insider tokens.
A new agreement could allow Gemini Earn users to recover 95-110% of funds without contributing from Gemini.
Asset manager Franklin Templeton filed for a spot Bitcoin ETF with Coinbase as custodian and BNY Mellon as administrator.
Binance.US saw its CEO, legal head, and chief risk officer depart amid ongoing investigations and parent company layoffs.

cointelegraph.com

Relevant topic timeline:

9/1/2023

Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal

9/13/2023

Paxos Releases Transparency Report Showing PYUSD Stablecoin Fully Backed by $44 Million in Assets

9/13/2023

Paxos Confirms $510K BTC Fee was Bug, Says Miner Talks Ongoing to Recoup Overpayment

9/13/2023

FTX Assets to Be Sold Off Gradually Under Court Supervision

9/14/2023

Bitcoin Bug Results in $500K Fee for $2K Transaction, Paxos Seeks Refund from Miners After Costly Mistake

Bitcoin miners are considering refunding a $500,000 bitcoin fee paid by Paxos for a $2,000 transaction due to a bug, with different options being considered for the distribution of the fee.

9/15/2023

Bitcoin Mining Pool Refunds $520,000 Transaction Fee for $2,000 Transfer After Community Discussion