Fortress and Ripple Address Security Breach: Scott Purcell Clarifies the Situation

Read about the security breach at Fortress and how Ripple stepped in to handle the situation. Scott Purcell clarifies the incident and explains that no funds were lost. Investigations have been initiated by law enforcement and cybersecurity teams.

Posted 8 months ago in Security


Image: Scott Purcell, CEO of Fortress, addresses concerns about the security breach.

Scott Purcell admits that “shit happened”—but says Fortress and Ripple handled things well. Since financial technology firm Fortress experienced a security breach two weeks ago, Ripple had to fill a hole in some of the crypto custodian’s customer accounts. Fortress CEO Scott Purcell clarified that Fortress, Fireblocks, and BitGo were not hacked, placing blame on a third-party cloud database tool. Both Fortress and BitGo performed perfectly throughout the incident. Ripple, a minority investor in Fortress, made customers whole before publicly disclosing the breach. The amount stolen in the hack was relatively small compared to Fortress’s total assets. Investigations by law enforcement and cybersecurity teams have been invited by Ripple.

Last updated 9/12/2023, 8:38:21 PM

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