Hackers Steal $36M In Crypto From IRA Financial Trust

Hackers Steal $36M In Crypto From IRA Financial Trust

Hackers have again targeted the crypto industry, causing a data breach on February 8 resulting in the loss of $21 million in Bitcoin and $15 million in Ether from retirement accounts held by IRA Financial Trust, a FinTech that manages various portfolios consisting of nontraditional assets.

By Andrew Senior
Febuary 15th, 2022




IRA Trust first notified customers about suspicious activity via a Tweet sent out Friday, February 11.


IRA Financial then sent out an email to users affected by the breach stating,


“Our investigation is ongoing, but a preliminary assessment indicates an attempted theft of cryptocurrency funds within the impacted accounts occurred. We are proactively utilizing all available resources to recover the funds.”



Recently, IRA Financial has cast blame at Gemini, its custodian, for failing to have adequate safeguards in place. Gemini has responded saying that each of its customers is responsible for its own account management, including IRA Financial. 


Chainalysis, the blockchain data platform which provides data, investigation and compliance services, and market intelligence software to both government branches and private businesses, has been tracking the funds since the breach and recently spotted Bitcoin and Ethereum being laundered via Tornado Cash, a popular crypto mixer that is quickly coming under the microscope of regulators.


A Roth IRA account under the name Benjamin Choe received all the stolen funds before transferring them to mixers in an attempt to wipe away traces of the scam.


IRA Financial and Gemini will most likely continue to argue about who is ultimately responsible, meanwhile customers are left scrambling as they look to recoup their stolen funds.


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