Ripple’s Newly Acquired Company Hit By Hackers, Here’s What Happened

Mike Belshe insists that BitGo has nothing to do with this breach as he shared he chronology of what happened to the above-mentioned company that was recently bought by Ripple crypto giant.

Belshe said that the breach suffered by Fortress was made not via BitGo but through another third party integration. The hacker managed to withdraw funds from the system of hot wallets of Fortress. The CEO claims that as soon as Fortress contacted BitGo about what happened, the exchange immediately advised that they disclose the news about the breach to the community. However, Fortress chose to act in another way.

This case proves that the crypto space desperately needs decentralization, Belshe wrote, since “We can’t continue to be dependent on the honesty of custodians, bankers, or “trusted third parties” acting with integrity when bad things happen.”

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