Winkelvoss twins' crypto exchange faces lawsuit over $36 million theft | Engadget

where intruders stole $36 million in Bitcoin and Ethereum assets. The company didn't have"proper safeguards" to prevent the theft, according to IRA, and didn't freeze accounts quickly enough to block the thieves from transferring money.

The trust firm specifically rejected claims that Gemini's protections prevented a"single point of failure." Gemini made IRA the parent account for its customers , and gave it a"master key" that was reportedly exchanged in numerous insecure emails.

Gemini's other security measures didn't hold up, the IRA added. It supposedly shouldn't have been possible to transfer money between accounts if the exchange had either properly implemented two-factor authentication or prohibited transfers between retirement funds. The trust noted that it didn't have the power to freeze accounts itself, and that it took six emails to lock down all affected users. We've asked Gemini for comment.

This adds to mounting problems for the Winkelvoss' outfit. It recently laid off 10 percent of staff to deal with a, and the Commodity Futures Trading Commission sued Gemini for purportedly misleading customers in parts of its exchange and futures contract. While none of these problems may necessarily be fatal, they suggest the Winklevii could face financial trouble for a while to come.

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after the facebook story, why would anyone want to put their money into these dudes' hands?

The Kielburgers.

Isn't that the property brothers?

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