Crypto lending platform SALT said it was halting withdrawals today, the latest company to do so amid the FTX-triggered contagion sweeping the cryptocurrency landscape.

“The FTX collapse has impacted our business,” SALT CEO Shawn Owen said in a message to consumers. “Until we are able to determine the extent of this impact with specific details that we are satisfied are factually accurate, we have suspended deposits and withdrawals on the SALT platform with immediate effect. .”

SALT Lending launched in early 2018, allowing cryptocurrency owners to take out a loan using their crypto as collateral. This way, users can receive a cash loan without selling their crypto holdings.

In September 2020, SALT loan was charged by the Securities and Exchange Commission with selling an unregistered security and ordered to repay the $47 million raised in an ICO in 2017.

Owen said the company is working diligently with its partners to ensure a clear path and plans to be as transparent as possible.

“In secured and unsecured lending, transparency is paramount,” Owens said. Crowdfunding Participant last month. “Without a clear idea of ​​assets and liabilities, borrowers and lenders cannot properly assess counterparty risk, which is a major decision factor for deploying capital in money markets.”

In its letter to customers, SALT said it would recognize on-chain deposits, but strongly advised against depositing more funds into customer accounts until the company can assure them of its future plans.

Since filing for Chapter 11 bankruptcy protection on Nov. 11, several organizations inside and outside of crypto have acknowledged exposure to FTX, including $95 million from Ontario [Canada] Teachers’ pension fund.

Decrypt has contacted SALT for comment, but has not yet received a response.

Stay up to date with crypto news, get daily updates in your inbox.