According to BlockBeats, Gemini has reached a settlement with retirement and pension platform IRA Financial Trust on July 20 regarding a $36 million vulnerability-related lawsuit. In a document filed with the U.S. District Court for the Southern District of New York on July 18, Judge Analisa Torres dismissed the lawsuit filed by IRA Financial Trust with prejudice after the company and Gemini Trust said they had reached a settlement. The statement did not include details about the settlement.
It is reported that the lawsuit was originally filed by the IRA in June 2022, accusing Gemini of misrepresenting its security protections. The IRA claimed that Gemini's security protocols lacked transparency and were therefore responsible for an attack in February 2022, when a criminal stole approximately $36 million in cryptocurrency. According to the platform, hackers gained control of the IRA master key, enabling them to transfer tens of millions of dollars worth of Bitcoin and Ethereum to a customer retirement account and then withdraw all of these assets.