Fortress Trust Ordered to Halt Operations: Funding Gap Leads to Regulatory Intervention

Nevada regulators have ordered cryptocurrency trust company Fortress to cease operations, citing a $11 million funding shortfall. CEO Anthony Botticella revealed his awareness of the financial difficulties only after taking over as CEO, stating they stem from events occurring before his time and significantly impacting the trust fund’s ability to continue operating. This follows Ripple CEO Brad Garlinghouse’s announcement in 2023 that he had withdrawn from acquiring Fortress Trust.