Ripple covered losses suffered by customers of Fortress Trust, the blockchain infrastructure startup it acquired last week.
A Ripple spokesperson said talks about a potential acquisition of Fortress “accelerated” last week, after the startup’s customers lost funds in a security incident.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Crypto payments business Ripple covered losses suffered by customers of blockchain infrastructure startup Fortress Trust, as part of a deal to acquire it.
“Conversations accelerated last week following the security incident via a third-party analytics vendor, but this opportunity makes sense for Ripple in the long term,” said a spokesperson for Ripple, who clarified that the company — already a minority investor in Fortress — had discussed a potential acquisition with Fortress previously.
The amount of crypto lost as a result of the security incident is unclear. Ripple’s spokesperson said the company could not comment on specific wallets or customers.After the incident, in its statement on September 7, Fortress said it had “immediately terminated the vendor integration” and paused all accounts to “assess and ensure system-wide security.”, on September 8, with the company hailing “great long-term synergies between our businesses.
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