By Vicky Ge Huang
Crypto lender SALT paused withdrawals on Tuesday, becoming the latest casualty in the collapse of Sam Bankman-Fried's crypto empire .
In an email to customers, SALT Chief Executive Shawn Owen said the "collapse of FTX has impacted our business" without disclosing the extent of the firm's exposure to FTX.
Cryptocurrency exchange FTX and a bevy of affiliates filed for bankruptcy protection on Friday, revealing more than 100,000 creditors and tens of billions of dollars in assets and liabilities.
"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," Mr. Owen said.
The company also asked customers to stop depositing more funds into their accounts. It said customer loans will remain active and the firm's loan-monitoring systems will be fully operational.
Crypto companies are reeling from the market turmoil set off by the rapid unraveling of FTX. Crypto lender BlockFi paused withdrawals last week, acknowledging that it has "significant exposure" to FTX. The Jersey City, N.J.-based company is preparing a potential bankruptcy filing and planning to lay off workers, The Wall Street Journal has reported.
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November 15, 2022 16:04 ET (21:04 GMT)
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