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Gemini settles $36 million breach with IRA Financial Trust

Gemini has reached a settlement over a $36 million vulnerability with IRA Financial Trust. In a filing submitted to the US District Court for the Southern District of New York on July 18th, Judge Analisa Torres dismissed the lawsuit brought by IRA Financial Trust because the company and Gemini Trust stated that they had reached a settlement. The lawsuit was originally filed by IRA in June 2022, accusing Gemini of misrepresenting its security measures.

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