Crypto News – As part of the agreement to buy Fortress Trust, a firm providing blockchain technology, Ripple paid for damages incurred by its customers.
As Part of Ripple-Fortress Acquisition, Ripple Indemnifies Those Affected by Fortress Vulnerability
In a statement posted on X on September 7, Fortress stated that although one of its third-party vendors’ cloud tools had been infiltrated, it had affected its customers but that no money had been lost. In fact, as part of an acquisition process that accelerated in the wake of the tragedy, Ripple intervened to make the consumers of Fortress whole.
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. Luckily, Ripple was in a position to act quickly to step in and make customers whole, and there have been no breaches to Fortress technology or systems. Fortress notified customers immediately of the incident when it happened — as they mentioned in their tweets,
Unknown is the quantity of cryptocurrency that was lost as a result of the security breach. The company couldn’t comment on particular wallets or clients, according to a spokeswoman for Ripple.
Ripple and Fortress Announce Collaboration Following the Incident
Fortress claimed that following the event, it had promptly ended the vendor integration and paused all accounts in order to inspect and guarantee system security. This was stated in their statement on September 7. A day later, on September 8, Ripple made the announcement, praising the fantastic long-term synergies between the firms.
As Fortress Trust, a division of Fortress Blockchain Technologies, owns a Nevada Trust License, the deal—which is still pending regulatory and due diligence approvals—would add to Ripple’s collection of regulatory licenses. On September 8, Ripple said that it intended to keep funding Fortress and its FortressPay services, which will now employ Ripple’s payment system.