Since IRA supposedly wasn’t given a phone number it could use to contact Gemini quickly, it instead resorted to sending several emails that were met with a slow response time. IRA goes on to claim that, when the attack occurred, Gemini failed to freeze customers’ accounts in a timely manner. IRA’s complaint states that hackers got ahold of its master key and were allegedly able “to exploit the vulnerabilities in Gemini’s API.” The result was bad actors “transferring tens of millions of dollars’ worth of Bitcoin and Ether belonging to hundreds of customers into a single customer retirement account, and then withdrawing all such assets.”
This, IRA claims, had a “fatal flaw” in the form of the master key that allegedly let holders “bypass” Gemini’s security protections, giving them the ability to “transfer and withdraw crypto assets without getting a client’s second-factor authorization.” Gemini provided IRA with this master key, but IRA claims it was never told about its “power,” alleging Gemini nonchalantly included it in unsecured and unencrypted emails.
In reality, Gemini brushes security aside when there is a chance to earn more revenue.”Īccording to IRA’s complaint, problems started when Gemini “ strongly pressured” the company to use the Gemini API (Application Programming Interface) over the web-based platform so its systems could better handle customer onboarding. But like so much else in the world of crypto, Gemini’s image is just that: an image. “In fact, it built its public image around purportedly mitigating those risks. “Gemini knew about the risks attendant to crypto assets,” IRA’s complaint states. “But like so much else in the world of crypto, Gemini’s image is just that: an image”
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