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IRA Financial, Gemini Face Proposed Class Action Over Data Hack

March 21, 2022, 7:52 PM

Gemini Trust Co. and IRA Financial Trust Co. face a proposed class action brought by consumers who claim the companies were negligent in securing their retirement accounts, resulting in the theft of $36 million in cryptocurrency during a 2022 data breach.

Both IRA Financial, a South Dakota trust company which offers self-directed retirement accounts, and Gemini, a cryptocurrency exchange that partners with IRA, blame the other company for the February breach, which also compromised the names, Social Security numbers, and financial accounts of the affected customers.

Marshall Griffin, who claims that he lost two Bitcoins worth approximately $85,000 from his ...