Gemini Resolves Lawsuit With IRA Financial Over Hack Liability Claims

IconCryptoNewsTerminal Staff19 Jul, 2024

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Gemini Resolves Lawsuit With IRA Financial Over Hack Liability Claims

Cryptocurrency exchange Gemini has reached a settlement in a lawsuit filed by crypto IRA service provider IRA Financial Trust over a $36 million hack that occurred in 2022. According to Cointelegraph, the terms of the settlement remain confidential. However, IRA Financial had alleged that Gemini's platform lacked adequate security measures to protect customers' digital assets and held the exchange liable for the incident. The settlement brings an end to the legal dispute between the two companies, although it remains unclear whether any specific security improvements or policy changes have been implemented by Gemini as a result of the lawsuit.