Gemini settles with IRA Financial Trust over $36M hack, accused of security misrepresentation

From Cointelegraph

July 19, 2024 4:34:42 pm:

In a lawsuit filed by IRA in June 2022, Gemini was accused of misrepresenting its security measures, leading to a hack that stole $36 million in cryptocurrency.

The lawsuit claimed that Gemini’s lack of adequate security measures allowed for the exploit, resulting in a significant loss of funds for IRA.

Gemini has faced backlash from customers and investors following the hack, with many questioning the platform’s security protocols and commitment to protecting user assets.

IRA is seeking restitution for the stolen funds and damages caused by the hack, highlighting the importance of robust security measures in the cryptocurrency industry.

Read more at Cointelegraph: Gemini reaches settlement with IRA Financial Trust over $36M exploit