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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.43 T

Ripple Cancels Plan to Acquire Fortress Trust!

Ripple Fortress Trust

Ripple Cancels Plan to Acquire Fortress Trust! Ripple CEO Brad Garlinghouse announced that they have decided not to proceed with the complete acquisition of the licensed trust company Fortress Trust based in Nevada, after previously signing a letter of intent. Garlinghouse stated:

“While this outcome is different from what was originally planned, we’ll continue to support them and hope to work together in the future.”

Ripple had announced on September 8th their intention to purchase Fortress Trust for an undisclosed amount. However, these plans have been abandoned, and the company will not fully acquire Fortress Trust. Brad Garlinghouse stated in a social media post on X (formerly Twitter):

“A few weeks ago, we signed a letter of intent to acquire Fortress Trust – we’ve since made the decision not to move forward with an outright acquisition, though Ripple will remain an investor.”

Ripple’s previously disclosed acquisition plan was intended to be at a lower price than the $250 million they paid for the custody firm Metaco. However, with the change in plans, the situation has taken a different turn.

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In other news, Fortress Trust revealed that their customers’ cryptocurrencies were stolen. It was later determined that the stolen amount was approximately $15 million. The company attributed the theft to an unnamed third-party vendor who had fallen victim to a phishing attack. Ripple stated that the acquisition discussions had commenced before the theft but were accelerated due to the incident.

Fortress Trust, an organization that provides financial and regulatory infrastructure for blockchain companies, was founded by Scott Purcell, who has a long history in the industry. Purcell served as the CEO of the crypto custody company Prime Trust until 2020. Prime Trust’s proposed acquisition by another custody company, BitGo, was canceled after Purcell had left the company.


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