Bnk To The Future Ends Crypto Lending Company Acquisition Announcement Following FTX Implosion
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The crypto market has gone frantic as things spiral out of control. The collapse of FTX has triggered a domino effect for the crypto sector. The recent victim was crypto lender Salt Lending. Bnk To The Future, an online investment platform, has terminated its previously announced non-binding letter of intent to acquire Salt Lending due to the crypto lender’s standing with FTX.
“Bnk To The Future announces that its previously announced non-binding letter of intent with SALT Blockchain, Inc. (SALT) has ended due to SALT’s position with FTX and the failure of Bnk To The Future Due Diligence, and that the transactions thus contemplated will not proceed,” according to a statement from the company.
Salt Lending was founded in 2016. The company was one of the first to go live in the crypto lending space.
“Bnk To The Future has no impact from either Salt or FTX as Bnk To The Future has no direct or indirect connection with SALT or FTX and all client funds are fully segregated and uninvested,” the statement added. .
Shawn Owens, CEO of Salt Lending, tweeted: “We remain fully committed to recovering damages. [victims].”
Seems like we have a lot more in common now than before we even saw that the effects of FTX attacking Celsius was just the beginning of the damage Sam would be responsible for. A very sad and depressing day. We are fully committed to recovering the damages as victims.
— Shawn Owen (@Shawn_OwenJ) November 15, 2022
Bnk To The Future announced the agreement to acquire Salt Lending in September. The acquisition would give users the ability to borrow against their crypto holdings. The deal was signed for an undisclosed amount.
Salt Lending is one of the most recent victims of the FTX implosion. The unfolding of the whole saga has led to major losses in the crypto sector. The crypto lending company previously sent out an email stating that the company would halt deposits and withdrawals as FTX imploded. However, the mail said loan monitoring systems would be active and that customer loans would remain active despite recent events.