IRA Financial Trust loses $36 Million in client cryptocurrency due to the February 14, 2022 security breach related to customers with Gemini Trust Company accounts.

IRA Financial is an administrator for self directed IRA retirement accounts. IRA Financial uses Gemini as its custodian and manages IRA crypto funds on behalf of its users. 

IRA Financial Trust lost $36 Million in client cryptocurrency due to a February 14, 2022 security breach. The company reported to Coindesk that “suspicious activity” affected “a limited subset of our customers with accounts on the Gemini cryptocurrency exchange.” 

It is believed that IRA Financial’s improper account management and insufficient employee security caused the hack. Further Gemeni, the crypto currency exchange and custody service that custodied the cryptocurrency, may also have severe security vulnerabilities. Gemini may not have had sufficient verification protocols for withdrawals, which is what allowed the hacker to withdraw client funds. 

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