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.
In a story reported by the National Law Journal, Celacare Technologies Inc. gave Circle Internet Financial Inc. $1 million in cash and in return, Circle issued $1 million in U.S. dollar coins. Attorney Alan Rosenberg, a partner at Markowitz Ringel Trusty + Hartog in Miami, who focuses on crypto litigation, was quoted in the story as a source. While he sympathizes with the plaintiff, he does not believe they will succeed in their arguments. Rosenberg pointed to the terms and conditions on Circle’s website, which specifically disclaimed liability for transfers to wrong wallet addresses. See https://www.law.com/nationallawjournal/2024/09/12/biotech-ceo-sent-1m-in-crypto-to-wrong-wallet-now-hes-suing-the-issuer-for-its-return/