IRA Financial Trust (IRA), a leading platform for self-directed retirement and pension accounts, has filed a lawsuit against Gemini Trust Company (Gemini), a cryptocurrency exchange and custodian, following a February 2022 theft of $36 million of crypto assets in Gemini’s custody belonging to customers’ retirement accounts.
As stated in the complaint, the lawsuit, IRA Financial Trust v. Gemini Trust Company, LLC, alleges that the Gemini cryptocurrency exchange platform did not have proper safeguards in place to protect customer crypto assets. The lawsuit also claims that Gemini failed to freeze accounts within a sufficient timeframe immediately following the incident, allowing the criminals to continue moving funds out of customers’ accounts on the Gemini exchange after IRA notified Gemini.
‘Enforcement 40’ for 2020
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