Paxos Pays $500K to Send $2K + Google is Coming to Web3

Hello there!

So, most of us have had this experience before—you’re supposed to send a specific amount to a friend, say $20. And in a split second, you mistakenly added two more zeros.

If that wasn’t enough, you later noticed that you sent it to the wrong account. 😣

You know the feeling of shock mixed with fear and… you get the point 😂🤦

We’re pretty sure the team at Paxos experienced every emotional phase after paying a whopping $500k in Bitcoin transaction fees to send $2,000.

Luckily for them, the miner “unwillingly” agreed to return the money.

His unwillingness stemmed from him being “annoyed” that “the person claiming it (the funds) kept saying EST instead of EDT/UTC.” 😂

But we all know why he was unwilling.

Anyway, what would you have done if you were the miner?

• Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee
• MarketStrategy acquires additional 467 Bitcoin despite bearish market
• Google Cloud teams up with Orderly Network, Web3 startup, to make DeFi mainstream
• Binance US Seeks Protective Order Against 'Fishing Expedition' by SEC

Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee

On Sept. 13, Paxos revealed to Cointelegraph that it overpaid the BTC network fee on Sept. 10, to a miner who goes by the pseudonym Chun. While confirming that the event did not impact the traders' funds, the platform admitted that a system bug resulted in the disbursement of 20 BTC in mining rewards on one transaction.

While Chun initially agreed to refund the reward, he decided to reconsider his decision and reached out to the crypto community for advice.

Here’s the full story.

Bitcoin's realized price for short term holders reaches $27,975

As of 12 September, Glassnode data reveals BTC's realized price for short-term holders at $27,975. This level previously served as crucial support in January but turned into resistance during the subsequent bearish trend. LTH's realized price stands at $22,400. Currently priced at $25,956, Bitcoin's value oscillates between these two benchmarks.

Here’s the full story.

Google Cloud teams up with Orderly Network, Web3 startup, to make DeFi mainstream

In response to rising demand from clients keen on exploring blockchain projects on its platform, Google Cloud has forged a partnership with Web3 startup Orderly Network. This collaboration aims to design user-friendly developer tools for decentralized finance (DeFi), thus simplifying access to the decentralized realm.

Here’s the complete story.

Binance US Seeks Protective Order Against 'Fishing Expedition' by SEC

Specifically, Binance.US claims that the SEC is demanding expansive communications and deposition testimony from company executives on "dozens of topics" unrelated to customer assets, including its CEO and CFO, who the filing says have little knowledge about the custody issues central to the case.

Here’s the full story.

Other Highlights Worth Mentioning

• PayPal to roll out new crypto feature for select users - The Papers
• Genesis announces winding down of crypto trading services - The Straits Times
• Crypto custodian Prime Trust files for Chapter 11 bankruptcy - Nasdaq
• Deutsche Bank taps Taurus for global crypto custody services - Cointelegraph