Gemini reaches a settlement with IRA Financial Trust over a $36 million lawsuit related to a vulnerability

2024-07-20 08:43:18

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ChainCatcher news, Gemini has reached a settlement with the retirement and pension platform IRA Financial Trust regarding a $36 million vulnerability-related lawsuit.

In a document submitted to the U.S. District Court for the Southern District of New York on July 18, Judge Analisa Torres dismissed the lawsuit brought by IRA Financial Trust with prejudice, after the company and Gemini Trust stated that they had reached a settlement, which did not include details about the settlement.

The lawsuit was originally filed by IRA in June 2022, accusing Gemini of making false statements about security measures. IRA claimed that Gemini's security protocols lacked transparency, thus holding them responsible for an attack in February 2022, during which a malicious actor stole approximately $36 million in cryptocurrency. According to the platform, the hacker gained control of IRA's master key, allowing them to transfer tens of millions of dollars worth of Bitcoin and Ethereum into a customer retirement account, and then withdraw all those assets.

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