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
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.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Solana Labs Co-Founder Allegedly Pocketed Ex-Wife’s ‘Millions of Dollars’ of Crypto Gains
4 minute read
‘Hawk Tuah Girl’ $440 Million Meme Coin Collapse Sparks Legal Battle
4 minute read
‘Badge of Honor’: SEC Targets CyberKongz in Token Registration Dispute
3 minute readLaw Firms Mentioned
Trending Stories
- 1It's Time To Limit Non-Competes
- 2Jimmy Carter’s 1974 Law Day Speech: A Call for Lawyers to Do the Public Good
- 3Second Circuit Upholds $5M Judgment Against Trump in E. Jean Carroll Case
- 4Clifford Chance Hikes Partner Pay as UK Firms Fight to Stay Competitive on Compensation
- 5Judicial Conduct Watchdog Opposes Supreme Court Justice's Bid to Withdraw Appeal of Her Removal
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
