TechFlow news — According to Cointelegraph, Gemini has reached a settlement with IRA Financial Trust, a retirement and pension platform, over litigation related to a $36 million vulnerability.
In a filing submitted on July 18 to the U.S. District Court for the Southern District of New York, Judge Analisa Torres dismissed the lawsuit brought by IRA Financial Trust with prejudice, after both parties indicated they had settled. The statement did not include details about the settlement.
The lawsuit was originally filed by IRA in June 2022, accusing Gemini of making false statements regarding its security protections. IRA claimed that Gemini's lack of transparency in security protocols made it responsible for an attack in February 2022, during which a bad actor stole approximately $36 million in cryptocurrency. According to the platform, the hacker gained control of IRA’s master private key, enabling them to transfer tens of millions of dollars worth of Bitcoin and Ethereum into a client retirement account, from which all assets were then withdrawn.
