• 34ºc, Sunny

Pharmaceutical company CelaCare sued Circle for refund after CEO mistakenly destroyed $1 million USDC

On September 13, the pharmaceutical company CelaCare sued stablecoin issuer Circle, demanding that its CEO Kenneth Yates return $1 million USDC that was mistakenly sent to the wrong address and "destroyed". The lawsuit alleges that Yates incorrectly entered the letter B in the address as the number "8" on July 3, 2024, while sending USDC from a Coinbase account, resulting in funds going to an unowned and inaccessible wallet address. CelaCare asked the court to confirm that USDC had been destroyed and asked Circle to pay $1 million. However, Circle rejected the refund request on September 6.