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Scott Purcell-linked Fortress Trust fails like Prime Trust before it

Two crypto custodians involving Scott Purcell both collapsed after a disturbingly similar pattern of financial mismanagement.

Scott Purcell resigns as Fortress Trust CEO after Ripple sale collapse

Scott Purcell has resigned as CEO of Fortress Trust after Ripple backed away from its acquisition of the firm.

No reason has been given for abandoning the Fortress acquisition but Ripple CEO Brad Garlinghouse said that his firm will remain an investor.

Fortress Trust claimed no funds were lost following a $15M crypto hack now revealed by CoinDesk to have occurred through Retool.

Fortress Trust claimed that its hack resulted in “no loss of funds,” but Ripple statements say the acquisition will make “customers whole.”