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Stablecoin issuer Paxos accidentally overpaid $510,750 on a single Bitcoin transaction fee on September 10. That is according to a spokesperson from PayPal, the issuer’s infrastructure partner. JUST IN: Stablecoin issuer 'Paxos' accidentally overpaid $510,750 on a single #Bitcoin transaction fee. — Watcher.Guru (@WatcherGuru) September 13, 2023 “Paxos overpaid the BTC network fee on Sept. 10, 2023,” the spokesperson says. “This only impacted Paxos corporate operations. Paxos clients and end users have not been affected and all customer funds are safe. This was due to a bug on a single transfer and it has been fixed. Paxos is in contact with the miner to recoup the funds.” This is the largest fee ever for a Bitcoin transaction in dollar terms. Paxos usually determines fees by market demand, as well as network congestion. They can vary significantly, but a fee exceeding $500,000 for such a small transaction is highly unusual. Source ...

PayPal has launched a new off-ramp service that will allow users to convert crypto into USD directly from their wallets to their PayPal account. According to the official announcement, the new service is live on Metamask as of today. However, the service is only available to U.S. customers at the moment. The service aims to simplify how wallets, dApps, and NFT marketplaces enable buying and selling. The official press release stated: “By adding Off Ramps, crypto wallet users in the U.S. can convert their crypto to USD directly from their wallets into their PayPal balance so they can shop, send, save, or transfer to their bank or debit card.” The firm also said that users can benefit from its robust security controls and tools for fraud management, chargebacks, and disputes. The latest service is an extension of PayPal’s “On-Ramps,” which enable U.S. consumers to directly buy crypto via the platform. The On-Ramp service is currently only available thr...

Analysts believe spot Bitcoin ETFs, new stablecoin adoption, and an upcoming Ethereum scaling upgrade are among the catalysts that could reignite the crypto markets. A potential wave of spot Bitcoin exchange-traded funds, PayPal’s new stablecoin and a key Ethereum upgrade are among the catalysts that could wake crypto from its hibernation. While early 2023 has seen the price of Bitcoin and other crypto currencies improve from the second half of 2022, the past five months have seen more lethargy, with Galaxy Digital CEO Mike Novogratz calling the markets “lackadaisical” in June. However, analysts told Cointelegraph that they’re tipping several catalysts that could add a new spark to crypto markets. Chief Investment Officer at Apollo Crypto, Henrik Andersson, is among those with their eyes fixed on the potential approval of spot Bitcoin ETFs, saying it was “not unlikely” to see one approved in the next six months. He told Cointelegraph that cryptocurrency's institutional acceptanc...

Chaos Labs protects crypto protocols against external exploits and risks with an automated risk management platform. Payments giant PayPal and investment management firm Galaxy joined hands to raise $20 million in seed funding for Chaos Labs, a New York-based cloud platform for securing blockchains and protocols. Chaos Labs protects crypto protocols against external exploits and risks with an automated risk management platform. The platform does this by offering agent- and scenario-based simulations, which in turn, helps secure protocols against economic vulnerabilities and market manipulation events. The seed funding is aimed at helping Chaos Labs further automate on -chain risk optimization.  1/ We are thrilled to announce we have secured $20M in seed funding led by @galaxyhq and @ PayPal to automate on -chain risk optimization! pic.twitter.com/gVnarbmFSk — omer (@omeragoldberg) February 21, 2023 The funding round saw participation from 23 organizations and six angel inv...