Gemini is being sued for allegedly providing IRA Financial an onboarding system with a single point of failure, which allowed the theft of $36 million in IRA customer money. The exchange is also accused on failing to freeze accounts with sufficient rapidity. IRA Financial Trust (IRA) is suing Gemini over the February 2022 hack that saw $36 million of IRA customers’ money siphoned from the cryptocurrency exchange. As stated in their press release, IRA, a U.S. platform for self-directed retirement and pension accounts, alleges in the lawsuit that Gemini “did not have proper safeguards in place to protect customer crypto assets” and “failed to freeze accounts within a sufficient [time-frame]” after IRA had alerted Gemini of the theft. Gemini is a cryptocurrency exchange based in New York. It was co-founded by Tyler and Cameron Winklevoss and is one of the United States’ top exchanges.
Read more : Gemini Sued by IRA Financial Over $36M Hack.