IRA Financial Trust’s Crypto Gambit Proves Not so Trustworthy [$36 Million]
IRA Financial recently had the bright idea to partner with the crypto exchange Gemini to allow users to invest in cryptocurrency via their retirement accounts. A cybercriminal somehow managed to pilfer $36 million in cryptocurrency tied to clients’ funds from IRA Financial. The two companies are now facing a proposed class action lawsuit over the incident. The heist hasn’t stopped Fidelity from allowing its 401k account holders to invest in cryptocurrency, though.
This slide has been updated to clarify that Gemini was not the vector through which the cryptocurrency was stolen.
