Behold! It was mistaken, not right, but hung around (8)
I believe the answer is:
loitered
'hung around' is the definition.
('loiter' can be a synonym of 'hang around')
'behold it was mistaken not right' is the wordplay.
I cannot quite see how this works, but
'behold' could be 'lo' (archaic exclamation meaning 'look!') and 'lo' is located in the answer.
'it' could be 't' (abbreviation. e.g. in 'tis) and 't' is found in the answer.
'right' could be 'r' (common abbreviation) and 'r' is present in the answer.
This may be the basis of the clue (or it may be nonsense).
'but' is the link.
Can you help me to learn more?
(Other definitions for loitered that I've seen before include "Dallied" , "Stood around aimlessly" , "Did tarry" , "Hung about, with intent perhaps" , "Kicked heels" .)