Ripple Acquires Fortress Trust After $15M Bitcoin Breach

A security breach involving a third-party vendor accelerated Ripple's acquisition of Fortress Trust.
The incident resulted in $12-15 million lost, mostly Bitcoin, prompting Ripple to step in.
The breach stirred controversy, with BitGo's CEO claiming Fortress was not forthcoming.
Fortress said BitGo was fully aware, and hinted BitGo proposed an acquisition deal.
Ripple had already been in talks to acquire Fortress to grow its payments business FortressPay.

cointelegraph.com

Relevant topic timeline:

9/8/2023

Ripple Acquires Trust Company Fortress to Expand Regulatory Footprint

Ripple has acquired Nevada-based chartered trust company Fortress Trust, adding to its list of regulatory licenses and furthering its goal of being a comprehensive solution for blockchain-based financial services.

9/28/2023

Ripple Backs Off Full Acquisition of Fortress After Internal Disagreements

Ripple has abandoned its plans to acquire financial technology firm Fortress Trust due to internal disagreements, but will remain an investor in the company.