The John Joseph Moakley U.S. Courthouse in Boston, Massachusetts. It serves as headquarters for the US Court of Appeals and the US District Court for the District of Massachusetts. (Credit: demerzel21/Adobe Stock) Biotech CEO Sent $1M in Crypto to Wrong Wallet. Now He's Suing the Issuer for Its Return
"This is an attempt to deviate from that precedent," said Daniel Maland, the immediate-past co-chair of the Florida Bar Business Law Section Blockchain and Digital Assets Committee. "They're trying to hold crypto exchanges accountable to a different standard."
September 12, 2024 at 04:31 PM
4 minute read
Cryptocurrency
The original version of this story was published on National Law Journal
What You Need to Know
- Celacare Technologies Inc. gave Circle Internet Financial Inc. $1 million in cash and in return, Circle issued $1 million in U.S. dollar coins.
- After the CEO of Celacare sent the coins to the wrong address, his company claimed that Circle was either obligated to reissue them or honor them.
- Experts doubted that the lawsuit would be successful and pointed to the precedent it could set for future crypto actions.
An infectious disease biotechnology company, whose CEO sent $1 million worth of U.S. dollar coins on the Ethereum blockchain to the wrong wallet address, has sued a global financial technology firm in a federal district court in Boston after it refused to reimburse the business, despite knowing the crypto was sent to the wrong wallet.
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