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Ripple says security incident accelerated its acquisition of Fortress Trust

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The acquisition of Fortress Trust by Ripple on Sept. 8 was accelerated by a security breach.

on X that “Fortress was not forthcoming about what actually did happen," claiming the company chose to “omit facts” and “downplay the event” by saying no funds were stolen. Fortress uses BitGo to custody part of its assets. BitGo said assets under its custody had not been affected.

Fortress co-founder Kevin Lehtiniitty labeled Belshe’s comments as “misleading statements," asserting that BitGo was “fully in the loop from the start." Moreover, he hinted at an acquisition proposal from BitGo to Fortress, saying, “[You] appear to be upset that Scott [Fortress’ CEO] chose to go with Ripple instead of the deal you proposed."

Mike, without breaking the terms of our NDA, you 1/ were fully in the loop from the start 2/ appear to be upset that Scott chose to go with Ripple instead of the deal you proposed, and 3/ are now trying to stoke fear among our clients with misleading statements. 1/2

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