{"id":7395,"date":"2022-06-08T14:38:59","date_gmt":"2022-06-08T14:38:59","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/06\/08\/investor-sues-the-winklevoss-twins-troubled-crypto-business-over-security-failures\/"},"modified":"2022-06-08T14:39:00","modified_gmt":"2022-06-08T14:39:00","slug":"investor-sues-the-winklevoss-twins-troubled-crypto-business-over-security-failures","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/06\/08\/investor-sues-the-winklevoss-twins-troubled-crypto-business-over-security-failures\/","title":{"rendered":"Investor sues the Winklevoss twins\u2019 troubled crypto business over security failures"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/6\/7\/23158059\/gemini-ira-financial-cryptocurrency-hacking-lawsuit-winklevoss<\/a>
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IRA Financial Trust, a platform that lets users save for retirement in alternative assets like cryptocurrency, is suing the Gemini cryptocurrency exchange<\/a> over an alleged failure to protect its customers from a heist that resulted in the theft of $36 million in crypto. The financial platform partners with Gemini, owned by the Winklevoss twins, Cameron and Tyler, to allow customers to trade and store cryptocurrency.<\/p>\n

In February, IRA was the victim of a major attack<\/a> that drained the millions in funds customers had stored with Gemini. The company was reportedly swatted<\/a>, the act of calling the police to report a fake crime at someone\u2019s location, when the cyberattack occurred. Police showed up at IRA\u2019s South Dakota headquarters after false reports of a robbery, while bad actors made off with millions in crypto. At the time, a source close to Gemini told CoinDesk<\/em> it wasn\u2019t hacked and that it makes various security controls available to its partners.<\/p>\n

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