The takeover of Fortress Trust by financial technology company Ripple on Sept. 8 involved more than just an acquisition deal. The transaction was accelerated by a security incident hours earlier involving a Fortress third-party analytics vendor, Ripple confirmed to Cointelegraph.
According to a representative from Ripple, discussions between the companies intensified last week after cloud tools of a third-party analytics vendor were compromised. In an interview with Fortune, Fortress CEO Scott Purcell said the company lost $12 million to $15 million in the incident. A majority of the funds were Bitcoin (BTC), along with small amounts of USD Coin (USDC) and Tether (USDT).