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Fortress CEO steps down as Ripple abandoned takeover bid

fortress-ceo-steps-down-as-ripple-abandoned-takeover-bid
Edited by
News
Fortress CEO steps down as Ripple abandoned takeover bid

In the aftermath of a hack resulting in millions lost, Nevada-based Fortress Trust is undergoing a significant reorganization, including a change in CEO and the reduction of its workforce.

Nevada-based crypto custodian Fortress Trust has undergone reorganization as the firm is trying to stay afloat after a hack led to a multi-million loss.

According to a report by Fortune, Scott Purcell, the founder and CEO of Fortress, has stepped down as chief executive, while the firm also let go at least six employees, mainly in the sales department.

In an interview with the media, Purcell confirmed his departure, saying the firm has appointed Rich Hauschild, the former COO of the crypto investment firm iTrustCapital, as its new CEO.

Despite the reorganizations, Purcell will remain a board member of Fortress’s parent company, Fortress Blockchain Technologies. At the time of writing, Fortress made no public statements on the matter in its social media.

In mid-September 2023, Purcell told news outlets that the firm suffered a hack attack, resulting in the loss of between $12 million to $15 million in Bitcoin (BTC), Tether (USDT), and USD Coin (USDC).

In a statement to Protos, Purcell highlighted that the firm “instantly used our balance sheet to cover most of the customers as a whole,” thanks to cooperation with Ripple.

At the time, Ripple also announced its intent to acquire Fortress to expand its blockchain portfolio. However, a few weeks later, Ripple CEO Brad Garlinghouse said the firm had chosen not to buy Fortress without disclosing details. Despite the decision to abandon the deal, Ripple continues to be an investor in the crypto custodian, Garlinghouse added.