Another Cryptocurrency Company Stopped Withdrawals Due To More FTX Events!

Cryptocurrency credit platform Salt has stopped withdrawals and deposits, according to a company email sent to customers.

Cryptocurrency Company Didn’t Disclose Its Total Loss in FTX Events

The firm said in a message attributed to CEO Shawn Owen that “FTX’s collapse has impacted their business.” However, the exact extent of the impact was not disclosed in the message.

“We have suspended deposits and withdrawals on the SALT platform with immediate effect until we can determine the extent of this impact in specific details that we are sure are factually correct,” Owen wrote.

Owen went on to write that the company “works diligently with its partners to provide a clear path forward and plans to be as transparent as possible.”

Salt, which declared bankruptcy on Friday bitcoin It has become the latest crypto company to announce that it was negatively impacted by the collapse of its stock market, FTX. Numerous crypto firms, including those in the trading and market sectors, were holding funds on this exchange prior to its collapse.

Crypto exchange Liquid also suspended all withdrawals from its platforms early Tuesday morning.

In a tweet, the company said, “In accordance with the requirements for voluntary Chapter 11 transactions in the United States, fiat and crypto withdrawals have been suspended on Liquid Global. We recommend that you do not deposit fiat or cryptocurrencies until further notice.” said.

FTX acquired Liquid for an undisclosed sum in February and offered Liquid a $120 million loan prior to the acquisition.

The acquisition of Liquid was made to support FTX’s latest entry into the Japanese market as this deal meant that FTX had access to Liquid’s Type 1 Financial Instruments operating license.

*Not investment advice.