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Pharmaceutical Company CelaCare Sues Circle for Refund After CEO Accidentally Destroys $1 Million USDC

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September 13, 2024
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CelaCare Sues Circle for $1 Million Lost USDC Due to CEO's Error

ChainCatcher reports that pharmaceutical company CelaCare has filed a lawsuit against stablecoin issuer Circle, demanding the return of $1 million in USDC mistakenly sent to an incorrect address and effectively "destroyed" by CEO Kenneth Yates.

The lawsuit alleges that Yates, on July 3, 2024, while transferring USDC from a Coinbase account, accidentally typed the letter "B" as the number "8" in the address, resulting in the funds being sent to an unowned and inaccessible wallet address. CelaCare is asking the court to confirm the USDC was destroyed and is requesting Circle to reimburse the $1 million.

However, Circle reportedly rejected the refund request on September 6.

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