The IRA Financial Trust has filed a lawsuit against cryptocurrency exchange Gemini for its failure to act promptly in limiting financial damage following a hack attack. Back in February, IRA Financial lost $36 million (about $280 billion) in Bitcoin and Ethereum in a hack attack. The IRA partnered with Gemini for crypto holdings and now, in its lawsuit, the IRA alleges that the crypto exchange failed to act quickly to prevent the loss of such a huge amount of money. so.
In its lawsuit, IRA Financial, the manager of non-traditional retirement accounts, alleges that Gemini failed to freeze the account soon enough, that may have saved the flow of assets into the hands of the hacker(s).
“As stated in the complaint, suit, IRA Financial Trust sues Gemini Trust Company, LLC, alleging that Gemini electronic money exchange platforms do not have adequate safeguards in place to protect customer crypto assets,” an official announcement from the IRA speak in a blog post.
Gemini was launched in 2014 and cryptocurrency exchange The service was up and running in 2015.
The company, based in New York City, USA, has denied all charges against them by IRA Financial, claiming that it maintains a world-class level of security to protect its users and guests. your goods.
“We deny the allegations in the lawsuit. Our security standards are among the highest in the industry, and we continually update them to ensure our customers are protected at all times. In this regard, as soon as IRA Financial notified us of their security incident, we acted quickly to minimize the loss of funds from their accounts,” Decrypt’s story quoted a Gemini spokesman as saying.
IRA Financial aims to use the proceeds of this lawsuit to compensate lost customers hold cryptocurrency they bought with their savings.
Now still waiting for more details on this case.
Meanwhile, the cryptocurrency sector and overall Digital Assets The industry has become a hotbed for illegal activities online.
March, Axie Infinity’s Ronin Blockchain developed by Sky Mavis was mined for $625 million (approximately Rs 4,729).
Cryptocurrency hackers, in April, stole $182 million (approximately Rs 1,389) from Bean Farman Ethereum-based stablecoin protocol.
OpenSeaworld’s largest marketplace for non-fungible tokens (NFTs), has lost hundreds of digital collections in one Phishing attack last weekend. The incident is believed to have caused OpenSea worth of $1.7 million (approximately Rs 12.5 crore).
