Lawsuit Against Crypto Exchange Gemini Over $36 million hack!

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IRA Financial Trust has filed a lawsuit against crypto exchange Gemini with respect to the $36 million hack that took place on 8 February this year.

The exploit involved $21 million in Bitcoin and $15 million in Ethereum and the assets allegedly belonged to customers’ retirement accounts that were held in Gemini’s custody.

The lawsuit alleges that Gemini did not have proper safeguards in place to protect customer crypto assets.

It also claims that the exchange failed to freeze accounts within a sufficient timeframe post the incident, allowing criminals to continue moving funds out of customers’ accounts on the exchange after IRA notified Gemini.

The lawsuit outlines Gemini’s alleged lack of transparency with its cybersecurity protocols.