Crypto Mining News Daily

Monday, June 17, 2024
HomeSecurityPhishing Attack on Cloud Provider With Fortune 500 Clients Led to $15M...

Phishing Attack on Cloud Provider With Fortune 500 Clients Led to $15M Crypto Theft From Fortress Trust

-

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:

  1. Fortress Trust suffered a cryptocurrency theft totaling nearly $15 million as a result of a phishing attack on a third-party vendor named Retool.
  2. Retool, a San Francisco-based company serving Fortune 500 clients, built the portal for Fortress clients to access their cryptocurrency funds.
  3. The phishing attack targeted specific crypto business customers of Retool.
  4. Retool stated that customers who configured its software as recommended were not affected, emphasizing a “zero trust” approach for on-premise customers.
  5. Ripple stepped in to cover the losses, making a $15 million “down payment” as part of its acquisition of Fortress.
  6. The incident accelerated takeover talks between Ripple and Fortress.
  7. BitGo and Fireblocks, the wallet providers used by Fortress, were not directly breached in the incident.

Source: Coindesk

LATEST POSTS

Most Popular

Learn How to Mine Crypto

Join our mailing list and receive a free copy of Crypto Mining 101, our detailed guide on how crypto mining works, must have tools to get started, and how to be successful.

Note: We’ll never sell, trade, or abuse your information, and it’s simple to opt out! Read our Privacy Policy here.