Sponsors of the USDC “stablecoin” are facing litigation in Delaware over claims they refused to refund or reissue $6 million worth of cryptocurrency after the digital coins were deposited into an online wallet that failed to generate private ownership keys because it doesn’t support the right code.
The lawsuit was docketed Monday by Foreign Exchange Clearing House, or FXCH, a member-owned currency exchange clearinghouse that runs on blockchain technology. It targets Centre Consortium LLC, which oversees USDC, and Circle Internet Financial LLC, one of the consortium’s backers.
The suit in Delaware’s Chancery Court accuses them of reneging on their promise ...
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