TechFlow reported on October 25 that, according to Fortune magazine, Scott Purcell, founder and CEO of crypto custodian platform Fortress, has resigned amid widespread personnel issues. The decision follows a hacking incident in early September during which Fortress lost between $14 million and $15 million in customer funds. Later, Ripple, the blockchain company behind the well-known cryptocurrency XRP, reimbursed affected customers.
In addition, Fortress has laid off at least six employees, most of whom were in the sales department. Purcell confirmed his departure when contacted for comment, stating that Fortress has hired Rich Hauschild, former COO of crypto investment firm iTrustCapital, as its new CEO. Purcell told Fortune that he will remain on the board of directors of Fortress's parent company.
