According to CoinCu, cryptocurrency payment giant Ripple has stepped in to cover losses incurred by customers of blockchain infrastructure startup Fortress Trust after a security breach involving a third-party vendor's compromised cloud tools. No funds were lost in the breach, and the exact amount of crypto losses remains undisclosed. Fortress Trust reacted promptly, terminating the vendor integration and temporarily suspending accounts to assess and enhance system-wide security.

Ripple officially announced the acquisition of Fortress Trust on September 8, emphasizing the potential long-term synergies between the two companies. The deal was financed through a combination of cash and equity, with no disclosed valuation. The acquisition is subject to regulatory and due diligence approvals, which, once completed, would bolster Ripple's portfolio of regulatory licenses. Fortress Trust, a subsidiary of Fortress Blockchain Technologies, holds a coveted Nevada Trust License.

This acquisition follows Ripple's recent purchase of crypto custody provider Metaco for $250 million, reinforcing its commitment to expanding its presence and regulatory compliance in the cryptocurrency space. With Fortress Trust now under its wing, the company further solidifies its regulatory standing, boasting licenses such as the NY BitLicense, over 30 Money Transmitter Licenses across the U.S., and an in-principle Major Payment Institution License from the Monetary Authority of Singapore.