IRA Financial Trust, South Dakota’s self-directed retirement account provider, has filed a lawsuit against crypto trading platform Gemini Trust Company (Gemini), alleging huge losses to the IRA as a result of Gemini’s security glitch. In February 2022, $36 million in crypto assets held by Gemini and belonging to customer retirement accounts was stolen. The lawsuit also claims that Gemini did not have adequate safeguards to protect customers’ crypto assets, failed to freeze accounts immediately after the incident, and instead allowed criminals to continue to transfer funds from customer accounts on Gemini’s trading platform after the IRA notified Gemini Middle-to-outward transfer.