Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Ripple says security incident accelerated its acquisition of Fortress Trust

Published 09/13/2023, 03:00 PM
Updated 09/13/2023, 05:20 PM
BTC/USD
-

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), along with small amounts of USD Coin (USDC) and Tether (USDT).

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.