Gemini has settled a $36 million breach-related lawsuit with retirement and pension platform IRA Financial Trust.
In a July 18 filing with the U.S. District Court for the Southern District of New York, Judge Analisa Torres dismissed with prejudice the lawsuit filed by IRA Financial Trust after the company and Gemini Trust said they had reached a settlement, details of which were not included in the statement.
The lawsuit was originally filed by IRA in June 2022, alleging that Gemini misrepresented its security protections. IRA claimed that Gemini's security protocols lacked transparency and were therefore responsible for a February 2022 attack in which a criminal stole approximately $36 million in cryptocurrency. According to the platform, hackers gained control of IRA's master keys, allowing them to transfer tens of millions of dollars worth of Bitcoin and Ethereum to a customer retirement account and then withdraw all of those assets. (Cointelegraph)