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Fortress Trust Founder: Before Being Acquired by Ripple, He Lost $12 Million to $15 Million in a Hacker Attack

According to Fortune magazine, Scott Purcell, founder and CEO of Web3 licensed trust company Fortress Trust, stated that Fortress Trust lost between $12 million and $15 million in cryptocurrency in a recent hack, most of which was Bitcoin, as well as a small amount of USDC and USDT.

Previously, Fortress Trust did not acknowledge any fund losses and on September 7th, they disclosed that four Fortress clients were affected by a third-party cloud tool breach, stating that the affected accounts had been fully restored. On September 8th, Ripple announced the acquisition of Fortress Trust, which includes compensation for user losses in the hack. Scott Purcell stated that the security vulnerability was the fault of the third-party supplier, not Fortress Trust or its custodial partners Fireblocks and BitGo.

Bitcoin Bitcoin $62,761.90
+2.67%
Cryptocurrency Bitcoin Ripple
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