Ripple, the company known for its cryptocurrency XRP, recently announced its strategic acquisition of Fortress Trust. However, Fortress Trust recently experienced a security incident. A spokesman says this accelerated the takeover. As part of the takeover, Ripple is supporting affected customers.
Although Fortress Trust in a statement Although the company announced that the affected accounts had been fully restored, the incident still caused some concern among customers.
Ripple supports affected customers
According to a Ripple spokesperson, the security incident at Fortress Trust accelerated the company’s acquisition. However, it was emphasized that both parties had previously held discussions about a possible takeover. The speaker said:
“Discussions accelerated last week following the security incident involving a third-party analytics provider, but this opportunity makes long-term sense for Ripple.”
The Fortress Trust security incident occurred as a result of a breach of a third-party cloud solution. The company’s statement said the incident did not directly result in any loss of funds.
Ripple’s spokesperson indicated that no specific information would be provided about the affected wallets or customers. This could indicate a possible loss of crypto, although no exact amount is mentioned.
“Fortunately, Ripple was able to quickly intervene and assist customers and there were no breaches of Fortress’ technology or systems. Fortress informed customers of the incident as soon as it happened – as they explained in their tweets.”
Strategic move by Ripple during the acquisition
The acquisition of Fortress Trust is a crucial step for Ripple. Together with the purchase of the Swiss Metaco and the acquisition of a stake in the crypto exchange Bitstamp, Ripple is expanding its position in the crypto industry.
A major advantage and strategic move by Ripple in acquiring Fortress Trust is a valuable Nevada Trust license. Having this license gives the fintech company access to important licenses.
