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    <p><a rel="noopener noreferrer nofollow" title="Scott Purcell" href="https://thebittimes.com/tag/scott-purcell.html">Scott Purcell</a> has resigned as chief exec (CEO) of <a rel="noopener noreferrer nofollow" title="Fortress Trust" href="https://thebittimes.com/tag/fortress-trust.html">Fortress Trust</a> after its proposed acquisition by <a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a> fell apart, Fortune has reported. Rich Hauschild, who was previously chief operating officer at iTrustCapital, will succeed him.&nbsp;</p>
    <p><a rel="noopener noreferrer nofollow" title="Fortress Trust" href="https://thebittimes.com/tag/fortress-trust.html">Fortress Trust</a> recently suffered a third-party vendor hack, leading to a statement in which it claimed that “there is no loss of funds.”</p>
    <p><a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a>, at the time of the acquisition, disclosed that there <em>was</em> actually a loss of funds, noting that it was “in a position to act quickly to step in and make customers whole.”</p>
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       Fortress Trust says ‘no loss of funds’ as its customers’ crypto was stolen
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Fortress Trust says ‘no loss of funds’ as its customers’ crypto was stolen” — Protos" src="https://protos.com/fortress-trust-says-no-loss-of-funds-but-also-that-crypto-was-stolen/embed/#?secret=0DyCPYMgsi#?secret=3C74MiaKhE" data-secret="3C74MiaKhE" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p>However, the acquisition fell apart weeks later, with <a rel="noopener noreferrer nofollow" title="Ripple" href="https://thebittimes.com/tag/ripple.html">Ripple</a> CEO Brad Garlinghouse claiming that “the Fortress team is incredibly talented,” but <strong>despite this talent, the acquisition just didn’t make sense anymore</strong>.</p>
    <p>Purcell has a complicated history in the crypto industry, having previously served as CEO of Prime Trust and former Prime Trust subsidiary Banq.</p>
    <p>Prime Trust claimed in its bankruptcy that while Purcell was CEO, the company developed a multi-million-dollar shortfall of customer assets.</p>
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       Prime Trust used $82M in customer funds to buy Terra and Ether
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Prime Trust used $82M in customer funds to buy Terra and Ether” — Protos" src="https://protos.com/prime-trust-used-82m-in-customer-funds-to-buy-terra-and-ether/embed/#?secret=O0PtJ8Kdna#?secret=h6pghQ0s0b" data-secret="h6pghQ0s0b" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: Ripple can’t save Fortress after all</em></p>
    <p>Banq was eventually spun out and has alleged in lawsuits and bankruptcy that Purcell “unlawfully transferred the vast majority of the debtor’s employees, trade secrets, intellectual property, technology, business opportunities, and equipment, including computer systems containing the debtor’s electronic records relating to, among other things, its business assets, operations, proprietary information, and research and development efforts.” These assets <strong>were claimed to be used to start <a rel="noopener noreferrer nofollow" title="Fortress Trust" href="https://thebittimes.com/tag/fortress-trust.html">Fortress Trust</a></strong>.</p>
    <p>Purcell’s LinkedIn says that he is now the founder of a ‘stealth startup’ and hopefully this time it will not be a payment processor that loses customer assets.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/scott-purcell-resigns-as-fortress-trust-ceo-after-ripple-sale-collapse-tbt67761.html">https://thebittimes.com/scott-purcell-resigns-as-fortress-trust-ceo-after-ripple-sale-collapse-tbt67761.html</a></p>

Scott Purcell resigns as Fortress Trust CEO after Ripple sale collapse

TheBitTimes

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