An investment firm run by bitcoin backer Simon Dixon has canceled plans to acquire embattled crypto lender SALT, which has suspended withdrawals over exposure to FTX.
Dixon’s investment unit BnkToTheFuture said Tuesday it tore up its non-binding letter of intent over SALT’s positions kept on FTX, now defunct following a dramatic week involving allegations of misuse of customer funds and other corporate malfeasance.
BnkToTheFuture added that SALT (Secured Automated Lending Technology) had failed its due diligence investigation.
Also on Tuesday, Shawn Owen, SALT’s CEO, said the platform would pause withdrawals and deposits effective immediately due to its exposure to FTX.
SALT, which signed the letter with BnkToTheFuture in September, allows users to take out crypto-backed loans: “Once you pay back your loan, we’ll return your assets to you,” its site reads.
“I am sorry to report that the collapse of FTX has impacted our business. Until we are able to determine the exten
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