Company Sues Circle for Refund After Mistakenly "Destroying" 1 Million USDC
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September 13, 2024
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On September 13, pharmaceutical company CelaCare filed a lawsuit against stablecoin issuer Circle, seeking reimbursement for $1 million USDC that its CEO Kenneth Yates mistakenly sent to an incorrect address and "destroyed" due to a typo.
The lawsuit alleges that on July 3, 2024, Yates was sending USDC from his Coinbase account when he mistakenly typed the letter "B" as the number "8" in the address, resulting in the funds going to an unowned and inaccessible wallet address.
CelaCare is asking the court to confirm that the USDC has been destroyed and is demanding that Circle reimburse the $1 million, but Circle rejected the refund request on September 6.
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