Ripple says security incident accelerated its acquisition of Fortress Trust

Ripple says security incident accelerated its acquisition of Fortress Trust

Sept 13. 2023

By Ana Paula Pereira

A multimillion-dollar security breach involving a third-party vendor hastened Ripple’s acquisition of Fortress Trust on Sept. 8.

The takeover of Fortress Trust by financial technology company Ripple on Sept. 8 involved more than just an acquisition deal. The transaction was accelerated by a security incident hours earlier involving a Fortress third-party analytics vendor, Ripple confirmed to Cointelegraph.

According to a representative from Ripple, discussions between the companies intensified last week after cloud tools of a third-party analytics vendor were compromised. In an interview with Fortune, Fortress CEO Scott Purcell said the company lost $12 million to $15 million in the incident. A majority of the funds were Bitcoin (BTC $26,292), along with small amounts of USD Coin (USDC $1.00) and Tether (USDT $1.00).