Fortress Trust’s $15 Million Crypto Theft


Fortress Trust’s $15 Million Crypto Theft

In this chapter, Ripple traces the origins of the $15 million cryptocurrency theft back to a phishing attack on a cloud provider.

The theft prompted Fortress to speed up discussions with blockchain tech firm Ripple for its acquisition.

The incident expedited the takeover talks, according to Ripple, and Ripple stepped in to ensure that all customers were made whole within a week.

The date of the disclosure of the security breach was September 7, but did not name the compromised third party vendor.

That vendor has now been identified as ReTool, a reputable San Francisco-based company serving Fortune 500 clients.

Ripple has made a $15 Million down payment to help Fortress reimburse affected customers, as part of their ongoing acquisition deal.

The Timeline Ripple has already been a minority investor in Fortress, but it announced its intent to acquire the custodian the following day.

Ripple provides most affected customers with compensation, but one large customer is paid back over the counter.

Retroool, the company that built the portal for managing

#shorts #techshorts #technews #tech #technology #Fortress Trust #Retool #customers

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