Crypto lender Salt halts withdrawals citing FTX impact

Crypto lender Salt halts withdrawals citing FTX impact

Crypto lending platform Salt has halted withdrawals and deposits, mentioning the effect of the crumble of crypto trade FTX. Crypto lending platform Salt paused withdrawals and deposits in line with an organization’s electronic mail dispatched to customers. The organization stated in a message attributed to CEO Shawn Owen that “the crumble of FTX has impacted our business.” However, the whole volume of the publicity changed into now no longer disclosed within side the message.

“Until we can determine the extent of this impact with specific details that we believe to be correct, we have suspended deposits and withdrawals on the SALT platform effective immediately,” Owen wrote. Owen said the company is “working diligently with our partners to ensure a clear path forward and a plan that is as transparent as possible.”

Salt is the latest cryptocurrency firm to disclose that it was negatively impacted by the collapse of FTX, which filed for bankruptcy on Friday. Numerous cryptocurrency companies, including those in the trading and markets sectors, had funds on the exchange before their crash. Salt did not instantly respond to a request for comment.

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