Fortress Trust: Losses of up to $15 million due to hacker attacks before being acquired by Ripple

Scott Purcell, founder and CEO of Web3 chartered trust company Fortress Trust, said that before being acquired by Ripple, Fortress Trust lost $12 million to $15 million in cryptocurrencies in a hacker attack, most of which were Bitcoin, and a small amount of USDC and USDT were also stolen.

Previously, Fortress Trust did not admit any financial losses. On September 7, Fortress Trust disclosed that four Fortress customers were affected by the destruction of a third-party supplier’s cloud tools, and stated that the affected accounts have been fully restored. On September 8, Ripple announced the acquisition of FortressTrust, which included compensation for users’ funds lost in the hacker attack.

Scott Purcell said the fault for the security breach lies with the third-party vendor, not Fortress Trust or the company’s custody partners Fireblocks and BitGo.