California DFPI Notice click here. Additional Platform Servicing Updates & FAQs click here.

Platform Servicing Updates & FAQs

Last Updated: 12-9-2022

We will only be updating users via our official website, blog or email. Our intention is to provide updates as often and transparently as possible but we do expect these explorations to take time. We appreciate your patience as we navigate this uncertain territory.

For California residents, please see the announcement here for further information.

Please note the following answers to some Frequently Asked Questions (“FAQs”) during this time:

We are not taking any action on outstanding loans until further notice. When and if we are able to resume business operations we will work with you to manage your loan payments and terms.
While interest (and StackWise rewards, if applicable) will still continue to accrue on your loan, we are not taking any action on outstanding loans until further notice. We will still recognize loan payments, but please note that we are not able to process any withdrawals at this time. While our platform will recognize on-chain deposits, we strongly advise against depositing more funds to your account until we have communicated with you about all of the specifics and can assure you of our plans moving forward. If you’d like to make a payment, the options available are to send a wire or to make a stablecoin push payment. PLEASE NOTE for California residents: SALT Lending’s California Financing Law license is suspended, and therefore it is unable to process payments for California borrowers at this time. Please see the announcement here for further information.
While interest (and StackWise rewards, if applicable) will still continue to accrue on your loan, we are not taking any action on outstanding loans until further notice. We are not processing any collateral liquidations until further notice. Additionally, no late fees will be charged and no missed payments will be reported to any credit bureaus. When and if we are able to resume business operations we will work with you to bring your account up to date. 
Yes.  We will still recognize loan payments, but please note that we are not able to process any withdrawals at this time. While our platform will recognize on-chain deposits, we strongly advise against depositing more funds to your account until we have communicated with you about all of the specifics and can assure you of our plans moving forward. The only options available to make payments at this time is to send a wire or make a push stablecoin payment. We are not processing any collateral liquidations until further notice.  If needed, your specific wire instructions are located in the payment tab of your account. PLEASE NOTE for California residents: SALT Lending’s California Financing Law license is suspended, and therefore it is unable to process payments for California borrowers at this time. Please see the announcement here for further information.
Unfortunately at this time we are not able to process any withdrawals.
Since we are not currently processing withdrawals, we are unable to provide a timeline for receiving collateral back in this scenario. We will seek to communicate new information when it is available after advice from our outside counsel.
Margin calls and stabilizations are disabled at this time.
Until next steps are determined conversions are disabled.
No.
In order for SALT to manage its digital asset operations, such as stabilizations/conversions, ensuring liquidity, and managing price risk, it maintains digital asset management operations through various exchanges and liquidity counterparties. In this case, one of the exchanges was FTX.
SALT is engaging legal counsel and other professional advisors to advise it during the FTX bankruptcy process.
As set forth in your Loan and Security Agreement and Risk Disclosure, after deposit, your blockchain asset collateral may be pledged or otherwise used (“rehypothecated”) in our capital facilities and trusted cryptocurrency derivative markets to facilitate hedging strategies or raise lending capital. SALT regularly monitors such transactions in order to maintain sufficient available capital for purposes of servicing our loans. SALT maintains all assets that are not rehypothecated with a third-party wallet provider, Fireblocks.
To help ensure that all customers are receiving the same updates, we have established an online form to collect your questions going forward.
Submit Additional Questions
chevron-down