Fortress founder Scott Purcell announced his resignation after the acquisition deal with Ripple failed to materialize

2023-10-25 09:21:06

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ChainCatcher news, according to Fortune magazine, due to widespread personnel issues, the founder and CEO of the crypto custody platform Fortress, Scott Purcell, announced his resignation. This decision follows a hacking incident in early September, in which Fortress lost approximately $14 million to $15 million of customer funds. Later, the well-known blockchain company Ripple, behind the cryptocurrency XRP, compensated the customers.

In addition, Fortress also laid off at least six employees, most of whom were in the sales department. Purcell confirmed his departure in a comment and stated that Fortress has hired a new CEO, Rich Hauschild, who is the former Chief Operating Officer of crypto investment firm iTrustCapital. Purcell told Fortune magazine that he will continue to serve as a board member of Fortress's parent company.

ChainCatcher previously reported that in September this year, Ripple CEO Brad Garlinghouse tweeted that the decision was made not to acquire Fortress Trust, despite having signed a letter of intent to acquire Fortress Trust a few weeks earlier.

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