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IRA Financial, Gemini Seek to Duck Lawsuit Over Crypto Hacking

May 18, 2022, 4:50 PM

Gemini Trust Co. LLC and IRA Financial Trust Co. are seeking to get out of a lawsuit in California federal court alleging that their negligence in securing consumers’ retirement accounts led to the theft of $36 million in cryptocurrency.

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 a February data 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 Gemini ...