Where does the other 50% go of the seller protection?

Just got off the phone with the eBay agent who proudly said that if the buyer returns the item that turns out to be a swap, sellers can get “up to 50% of the item value” if you can prove it.

I assume if you can prove it as a seller, the buyer doesn’t get the refund. Yet, you only get 50% as a seller. Where does the rest of the 50% go?

If it goes to eBay, it’s no surprise they encourage the behaviour.

If the buyer gets the refund either way, it’s no surprise there are so many accounts focused on this.