TL;DR:
- $15 million in cryptocurrency was stolen from Fortress Trust due to a phishing attack on a third-party vendor, Retool.
- The theft prompted Ripple to make a $15 million “down payment” as part of its acquisition of Fortress.
- The incident accelerated the takeover talks between Ripple and Fortress.
- The breach did not directly involve BitGo or Fireblocks, the wallet providers used by Fortress.
💡 Facts:
- Fortress Trust suffered a cryptocurrency theft totaling nearly $15 million as a result of a phishing attack on a third-party vendor named Retool.
- Retool, a San Francisco-based company serving Fortune 500 clients, built the portal for Fortress clients to access their cryptocurrency funds.
- The phishing attack targeted specific crypto business customers of Retool.
- Retool stated that customers who configured its software as recommended were not affected, emphasizing a “zero trust” approach for on-premise customers.
- Ripple stepped in to cover the losses, making a $15 million “down payment” as part of its acquisition of Fortress.
- The incident accelerated takeover talks between Ripple and Fortress.
- BitGo and Fireblocks, the wallet providers used by Fortress, were not directly breached in the incident.
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Source: Coindesk
