Fortress Trust is a crypto custody and blockchain infrastructure company, founded by Scott Purcell. Purcell is also known for founding Prime Trust, which later lost over $75 million in customer funds, squandered another $8 million gambling on Terra/Luna just before its collapse, and then filed for bankruptcy in August 2023. Purcell is also embroiled in a lawsuit from former company Banq, now also bankrupt, which alleges he stole trade secrets and other valuable material to start Fortress.
On September 7, Fortress Trust disclosed that several customers had been “impacted by a third-party vendor” compromise. On September 8, Fortress Trust announced they had been acquired by Ripple. On September 11, The Block reported that Ripple had covered undisclosed losses to customers as a part of the acquisition deal.
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Tweet thread by Fortress Trust
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“Ripple Acquires Crypto-Focused Chartered Trust Company Fortress Trust”
, CoinDesk -
“Ripple made Fortress customers hit by security incident whole as part of acquisition”
, The Block -
“Episode 125 – How to Steal Almost $100 Million: Prime Trust goes Bust”
, Crypto Critics’ Corner
This content was sourced from Web3IsGoingGreat
