A company sued Circle for a refund after accidentally destroying 1 million USDC

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On September 13, pharmaceutical company CelaCare sued stablecoin issuer Circle, demanding the return of $1 million USDC that its CEO Kenneth Yates sent to the wrong address and "destroyed" due to an error.

The lawsuit alleges that Yates mistakenly entered the number "8" instead of the letter B in the address when sending USDC from his Coinbase account on July 3, 2024, causing the funds to go into an unowned and inaccessible wallet address.

CelaCare asked the court to confirm that the USDC had been destroyed and demanded $1 million in compensation from Circle, but Circle rejected the refund request on September 6.

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