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Email Frauds Cost USDC Issuing Company Circle $2 Million In June

Circle Internet Financial, the company that created and  issued the USDC coin, lost $2 million to email fraudsters.  In its latest filing with the US Securities and Exchange Commission (SEC) on Thursday, the company  said that they lost about $2million to email fraudsters in an incident that took place in June. 

The story of the loss broke out like fire in a jungle and many investors were concerned if there was a security breach. However, clearing the air, Circle has confirmed that the “email fraud incident” has nothing to do with the customer accounts. It reassured investors that their funds are secure. 

The payments giant  also said that the company’s information system was not compromised. The fraudsters made away with company owned funds and therefore the investors or USDC owners didn’t lose anything.  

While this is all we know, Circle declined to comment on questions seeking further details about the email scam. Circle is currently valued at $4.5 billion and is one of the leading payments companies in  the US and worldwide. USDC is a stable coin whose value is linked to the most powerful fiat currency the US dollars. It is also one of the largest cryptocurrencies by market capitalization.

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