Bloomberg Law
May 18, 2022, 4:50 PM

IRA Financial, Gemini Seek to Duck Lawsuit Over Crypto Hacking

Samantha Hawkins
Samantha Hawkins
Legal Reporter

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 ...

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