IRA Financial Trust Sues Gemini Crypto Theft

IRA Financial Trust has filed a case against Gemini crypto exchange for not taking any action on time to stop the financial loss after the hack. In February, IRA Financial lost $36 million worth of Bitcoin and Ethereum crypto in a hack. The IRA, in association with Gemini, was a cryptocurrency holding. 

Now in its lawsuit, the IRA alleges that the crypto exchange took no immediate action to prevent the loss of such a huge amount. In the lawsuit, IRA Financial, which oversees the management of non-traditional retirement accounts, alleged that Gemini failed to freeze the accounts quickly enough to prevent hackers from accessing the assets. 

Gemini was launched in 2014 and its crypto exchange service went live in 2015. Whereas, on the other hand, Gemini, based in New York City, USA, has denied all the allegations against IRA Financial.