Crypto Exchange Gemini Sued Over $36 Million Bitcoin Ethereum Exploit: Was Gemini\'s security to blame for a massive loss? A lawsuit alleges that crypto exchange Gemini Trust Co. lacked proper safeguards, ultimately resulting in retirement-account holders losing around $36 million in Bitcoin and Ether after a significant security breach.

The suit, filed by IRA Financial Trust (IRA), claims that the cryptocurrency exchange had opaque security implementations, not allowing it to realize that Gemini had a single point of failure. This single point of failure allegedly contributed directly to IRA Financial Trust losing $36 million in crypto in a February hack. The company uses New York-based crypto exchange Gemini to hold its digital assets.

The timeline of the alleged exploit is crucial. IRA alleges that Gemini On February 8, hackers began siphoning IRA clients’ accounts, withdrawing Bitcoin (BTC), Ethereum (ETH), and U.S. dollars, stealing as much as $36 million before the breach was contained.

What happened and who is responsible? The core issue revolves around the security protocols employed by Gemini and their ability to protect customer assets. The lawsuit brings into question whether Gemini adequately protected user funds, particularly considering the alleged single point of failure.

Settlement Reached? While litigation was initially fierce, recent reports suggest that Crypto exchange Gemini and self-directed retirement and pension accounts platform IRA Financial Trust (IRA) have reportedly reached an agreement to settle a lawsuit. The details of the settlement remain confidential, but it signals a potential resolution to this high-profile crypto security debacle.

Stay tuned for updates as more information becomes available regarding the Gemini lawsuit and the future of crypto security protocols.