Crypto lending platform SALT said it is halting withdrawals today, the latest firm to do so amid the FTX-sparked contagion sweeping across the cryptocurrency landscape.
Crypto lending platform Salt has halted withdrawals and deposits, citing the impact of the collapse of crypto exchange FTX
11/16/2022
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"The collapse of FTX has impacted our business," SALT CEO Shawn Owen said in a message sent to consumers. "Until we are able to determine the extent of this impact with specific details that we feel confident are factually accurate, we have paused deposits and withdrawals on the SALT platform effective immediately."
SALT Lending launched in early 2018, allowing cryptocurrency owners to take out a loan using their crypto as collateral. That way, users can receive a cash loan without selling their crypto holdings.
In September 2020, SALT Lending was charged by the Securities and Exchange Commission with selling an unregistered security and ordered to repay the $47 million it raised in a 2017 ICO.
Per Decrypt
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