reply on: Nevada Issues Cease-and-Desist to Crypto’s Fortress Trust \ stacker news ~bitcoin

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111 sats \ 4 replies \ @optimism 28 Oct \ on: Nevada Issues Cease-and-Desist to Crypto’s Fortress Trust bitcoin

Didn't Ripple make everyone whole?:

After the breach, Fortress reached out to BitGo. BitGo strongly advised Fortress to disclose what happened immediately. Fortress did not do that. Eventually, Fortress decided to sell to Ripple. This is a great outcome because Ripple was able to make all clients whole and will hopefully help Fortress with resources to correct the security weaknesses which led to this event. Ripple is a good actor here and should be applauded.

How can there be not enough of anything if Ripple made everyone whole? Were they just kidding?

Edit: ohwait, they were kidding. i missed the backing out part.

100 sats \ 3 replies \ @Scoresby OP 28 Oct

I believe the Ripple acquisition fell through:

The cancelled deal followed hot on the heels of the news that up to $15m of Fortress Trust customer’s digital assets were stolen. The theft was later blamed on Retool, a third party vendor that was victim to a phishing attack. Block works

Also here:

https://blockworks.co/news/ripple-abandons-plan-fortress-trust

And here:

https://coingeek.com/ripple-bails-out-fortress-trust-after-hackers-steal-customer-assets/

It's weird because the acquisition announcement is written in the past tense "has acquired" and it is what comes up first in most searches. It was dated sept 8 2023, but the cancellation came within a week.

185 sats \ 2 replies \ @optimism 28 Oct

Thanks. I just realized that. Funny because I also don't remember hearing before that they backed out; just that they acquired. But then the only reason I saw it in the first place was because everyone was shouting at Mr. Swan on my feed back then.

100 sats \ 1 reply \ @Scoresby OP 28 Oct

Yeah! The canceled deal was strangely not taken up by the usual sources. Even now in search results the acuisition announcement is more likely to come up than the news that it fell through.

102 sats \ 0 replies \ @optimism 28 Oct

AI fixes this. Maybe. Haha