🚀Big news in the BTC world! Scott Purcell, CEO of crypto custodian Fortress Trust, has stepped down after Ripple canceled its proposed acquisition of the company. 😮

Purcell served at Fortress for over two years and has now founded a new startup. Rich Hauschild, former COO of iTrustCapital, will take over as CEO. Purcell will still be a board member of Fortress Blockchain Technologies.👨‍💼

In addition to the CEO change, Fortress reportedly laid off at least six employees, mainly from the sales department. 📉

This all comes after Ripple decided not to acquire Fortress Trust, despite a previous agreement. Ripple CEO Brad Garlinghouse didn't give a reason for the change of heart, but Ripple will remain an investor in Fortress Blockchain Technologies.🤝

Before the failed acquisition, one of Fortress's partners suffered a security breach, resulting in a loss of $12-15 million worth of bitcoin and stablecoins USDT and USDC. Ripple stepped in to help with the losses, and Fortress plans to refund Ripple when they get the money from the hacked third-party vendor.💰

Stay tuned for more exciting updates in the world of BTC! 🌐