Fortress founder Scott Purcell has resigned as CEO after failing to reach an acquisition deal with Ripple.

According to BlockBeats news on October 25th, Scott Purcell, founder and CEO of the crypto custody platform Fortress, announced his resignation due to widespread personnel issues. This decision came after a hacking incident in early September where Fortress lost approximately $14-15 million in customer funds. Later, Ripple, the blockchain company behind the well-known cryptocurrency XRP, compensated the customers. In addition, Fortress has also laid off at least six employees, most of them in the sales department. Purcell confirmed his departure in a statement and indicated that Fortress has hired a new CEO, Rich Hauschild, who was previously the COO of the crypto investment company iTrustCapital. Purcell told Fortune magazine that he will continue to serve as a board member of Fortress' parent company.