crypto exchange Gemini for its alleged role in the breach of customer retirement accounts.
IRA Financial, which has offered clients exposure to crypto via integration with Gemini, said in a press release that the New York-based Gemini's systems were responsible for the February attack, which resulted inThe firm said that Gemini's platform didn't"have the proper safeguards in place to protect customer crypto assets." Specifically, IRA Financial says that Gemini relied on a"faulty" API, which"included a single point of failure.
IRA Financial added that Gemini"failed to freeze accounts within a sufficient timeframe immediately following the incident, allowing the criminals to continue moving funds out of customers' accounts on the Gemini exchange after IRA notified Gemini."Both Gemini and IRA Financial also faceIRA Financial's suit against Gemini is the latest in a string of tough headlines for the firm, which was founded by Cameron and Tyler Winklevoss.
The firm, which raised funds last year at a $7 billion valuation, laid off 10% of its staff this month.
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