In September 2020, SALT reached a settlement with the U.S. Securities and Exchange Commission (SEC) related to the offer and sale of SALT Tokens in our “membership token sale” or “initial coin offering” (“ICO”), in which we offered and sold digital tokens (“SALT Tokens”) starting in 2017 through 2019. As part of the settlement, we are preparing to file a Form 10 to register our SALT Tokens under Section 12(g) of the Securities Exchange Act of 1934.
We have been working on the registration process and have been granted a 75-day extension on our filing deadline — an option that was included in the original SEC order. As a result of this extension, the Claim Form for purchasers of the SALT Token (applicable to those who purchased SALT Tokens directly from the SALT before and including December 31, 2019) will be available 60 days after the date of the filing of the 1934 Act Registration (or on the date seven (7) days after the 1934 Act Registration becomes effective, whichever date is sooner). For additional information about the claims procedure see the original SEC order.
As we work to complete the registration process, we continue to remain focused on providing new avenues for our customers to grow and preserve wealth. Not only have we made significant improvements to our lending product, but we have formed partnerships that will enable us to expand the business beyond lending. We’re excited about SALT’s future and will continue to share updates and milestones via our website.
Understanding the nature of dusting attacks and airdropping can help you determine the best way to protect yourself and your crypto holdings from hackers and scammers.
Since Bitcoin’s debut to the public more than a decade ago, supporters have praised the benefits of cryptocurrency transactions including decentralization, transparency and anonymity. While these benefits certainly have their advantages, crypto’s nature also opens you up to a level of risk that has been realized through activities like dusting attacks and airdrops that often go completely unnoticed if crypto holders don’t know what to look for. Fortunately there are steps you can take to protect yourself from malicious entities interested in deanonymizing you. Understanding the nature of dusting attacks and airdropping can help you determine the best way to protect yourself and your crypto holdings from hackers and scammers.
The blockchain: Not as anonymous as you might think
Many people mistakenly think bitcoin is private. It’s anonymous, yes, but not private. A transaction is made up of input(s) and output(s). When you spend, you are creating a transaction using your address as an input. When you receive, your address is given an amount of bitcoin, which becomes the output. All of this transaction information (including the addresses involved, amounts and times of the transactions) are recorded on the blockchain. As that ledger is 100% transparent and public, so are your transactions. Any uninvolved party (people who have not transacted with you directly) examining the blockchain can see the cryptocurrency being received or spent — they just won’t know it’s you spending or receiving it because the owners of the addresses are not revealed. If the person you’re transacting with knows who you are however, they may be able to associate your blockchain wallet (and future transactions) with you, as anonymity only applies when referring to non-involved parties. And even still, a non-involved party may not know who you are from the beginning, but by watching blockchain activity, they may be able to figure it out if your wallet is maliciously “dusted” and use this information to deanonymize you in the future.
Dusting: Revealing your identity, one satoshi at a time
When you use bitcoin to pay for something, one or more addresses (UTXOs) are selected that most closely match the amount due and you receive an output UTXO with your change. For example, if you were paying for something equal to $400 and you had three UTXOs in your wallet equal to $5,000, $5, and $399, you could use the UTXOs equal to $399 and $5 and would receive a UTXO back worth $4. All of this information is recorded on the public ledger.
With dusting, a hacker or scammer sends very small amounts of a cryptocurrency (dust) to a large number of addresses. If you receive dust, you will have a UTXO in your wallet with a very small value. As you spend from your wallet, the attacker watches to see when the dust UTXO is picked up. When it is, they take note of all the other UTXOs that go along with it as well as what addresses they go to. When these entities study transactional patterns long enough, they can eventually identify all the addresses linked to your wallet, which means they can figure out how much crypto you have. If your account is of interest (you have large sums), they can work on figuring out it belongs to you, which can make you a target for anything from scams and phishing campaigns to cyber-extortion threats.
One reason dusting is so insidious is that the amounts of crypto sent to accounts are so very small; they are smaller than the minimum transaction fee required to use cryptocurrency. Most times, the dusting amounts are calculated in units known as satoshis; one satoshi equaling 0.00000001 bitcoin. Given the minuscule size of dust, the chances are pretty good that many people won’t notice them as they casually scan their cryptocurrency total.
Airdropping: Free tokens, potential scams
Airdropping is similar to dusting in that it adds small amounts of crypto to your wallet. But airdropping’s purpose is far less ominous. Companies that airdrop want to use you to spread the word about their great new cryptocurrency. As such, they will send free coins or tokens to your address (found on the public blockchain). Sometimes they send them free and other times they ask for something in return (like a tweet about the company and its currency). You might also actively encourage airdrops to your wallet in hopes that the new cryptocurrency will ultimately have a large payout. There are hundreds of airdrop lists and websites, all eager for your interest.
While the purpose of airdrops is often benign, problems come up when hackers and scammers reach out for more than your public wallet address. If you aren’t careful, you could be at risk from the following:
Private key theft. Private key theft takes place when an airdrop entity asks for the private key to your wallet. You should never give out your private key. While more savvy crypto users can spot such a scam, those new to cryptocurrency trading could fall victim to it.
Trolling/information collecting. Sometimes nefarious airdrop websites are used, not to promote currencies, but to gather data — such as email, wallet addresses or even social media information — that can be sold to third parties or used for future phishing attempts.
Protect your crypto from malicious dusting and airdrop attacks
Because cryptocurrency transaction information is public knowledge, it’s important to protect yourself, your holdings and your anonymity. In addition to ensuring anti-spam and anti-viral protection for your wallet, consider the following steps.
If you think you’ve been dusted, don’t move the dust. Look for wallet apps that allow you to “mark” small, unknown deposits in your wallet to prevent them from being used for other transactions.
Monitor your balance — 100% of the time. If wayward satoshis suddenly show up in your cryptowallet, you might have been dusted. It’s a good idea to find a wallet app with a push notification, which tells you when you receive new funds.
Don’t give out private information — ever. If a website — or other airdrop entity — wants more than your wallet address in exchange for tokens or coins, it’s a red flag. Be as wary of handing out your cryptocurrency information as you would be of providing fiat bank account log-in data.
Keep your anonymity in place
None of the above is meant to suggest that cryptocurrency trading or usage is dangerous. It is, however, a reminder that while transactions can be anonymous (when actually conducting a transaction you may potentially be revealing information about who you are to complete it, which can then be associated with your wallets), they aren’t private. Unfortunately, scammers and hackers are taking advantage of the very public blockchain technology to determine the identities of those behind cryptocurrency transactions.
The good news is that knowledge is power. You can protect yourself from malicious entities and preserve your anonymity by being aware of attacks like dusting and taking preventative action. Doing so will better protect you and your holdings while helping to ensure you don’t become victim to phishing or cyberextortion threats.
This new model will allow SALT to distribute risk, enhance security, reduce interest rates, fund loans more swiftly, and focus on expanding its suite of wealth preservation products
We’re excited to announce Fireblocks, a platform that secures digital assets in transit, as our first partner for securely storing and transferring customers’ collateral assets. The partnership with Fireblocks marks a shift in SALT’s business model from self-custody to a more distributed custody approach that will allow us to onboard additional partners in the future and add greater flexibility for capital providers. This new approach also enables us to distribute risk, fund loans and conduct transactions more quickly, and provide customers with enhanced security for their cryptoassets, as well as lower interest rates on crypto-backed loans.
“When SALT was founded in 2016, custody wasn’t where it is now, so we built a proprietary custody solution to keep our customers’ collateral assets safe,” said Justin English, CEO of SALT. “Now that the industry has matured and companies like Fireblocks have come to the forefront, we’re excited to work with them to streamline our operations and expose their networks to our suite of wealth preservation products. They have a proven ability to safely and securely store and transfer collateral assets and to do so swiftly, which will inevitably allow us to provide faster service to our customers and focus more on product development.”
The move toward third-party custody solutions will also enable SALT to provide greater security and flexibility to capital providers that may prefer to work with a specific custodian, provided the custodian meets our rigorous security standards.
“MPC has quickly become the industry standard among the largest and most trusted institutions in the digital asset space,” said Michael Shaulov, CEO and co-founder of Fireblocks. “We’re proud to partner with the SALT team to help them strengthen security, reduce costs and expand operations as they move into the next stage of their growth.”
Fireblocks meets these security standards by combining multi-party computation (MPC) with Intel SGX technology to create a proprietary, defense in-depth approach to digital asset security — this allows organizations to accelerate operations without relying on physical hardware or slow, manual processes.
“Security is our top priority as we make this shift to be commensurate with our growth and distribute risk among trusted custodians,” said Dirk Anderson, chief technology officer at SALT. “The primary reason we’ve chosen Fireblocks as our first partner is because of their approach to MPC technology. Not only does it meet our security standards, but it will grant us more flexibility and increase the speed at which we can conduct transactions. This means we can fund stablecoin loans much faster and reduce the turnaround time for returning customers’ collateral assets once their loan has matured.”
From a customer standpoint, the biggest and most exciting changes to note are increased security, faster services, and the offering of lower interest rates. Aside from these changes, the customer experience will largely remain the same. Just as they do now, borrowers will still be able to make deposits and withdrawals, and will be able to continue tracking the health of their loan via our Loan-to-Value monitoring and real-time notification systems.
“We believe working with Fireblocks and other custody partners in the future is in the best interest of both the business and our customers,” said English. “Not only will we be able to offer more competitive interest rates, but we will have the time and resources to focus on expanding our offerings to include products that are designed to help our customers build and preserve their wealth.”
SALT, the pioneer of crypto-backed lending, offers a way for individuals and businesses to use their cryptoassets as collateral to secure a fiat or stablecoin loan without having to worry about credit checks. SALT offers flexible loan terms and accepts multiple cryptoassets as collateral including cryptocurrencies, stablecoins, and tokenized gold. SALT also offers competitive interest rates and does not charge origination or prepayment fees. As cryptocurrency becomes more widely adopted and additional real-world assets become tokenized, SALT’s mission is to offer solutions that make it possible for people to securely hold, manage, and borrow against their cryptoassets. Founded in 2016, SALT is headquartered in Denver, Colorado. For more information, visit www.saltlending.com or follow us on Twitter, Facebook and Medium.
All SALT loans are subject to KYC, AML, and other Terms, Conditions, and Restrictions. Please see saltlending.com/terms and FAQ for additional information. Loan options and terms may not be available in your jurisdiction, for your loan amount, and/or collateral type. SALT Loans are subject to jurisdictional limitations and other restrictions. SALT may not be able to offer a loan to all borrowers. SALT loans are originated by Salt Lending LLC. NMLS #1711910. NMLS Consumer Access (https://www.nmlsconsumeraccess.org/).
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. They have secured the transfer of over $70 billion in digital assets and have a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
In case you’re not a subscriber to our newsletter, we want to share some of our favorite highlights from June right here on our blog to help keep you up to date on all things SALT.
New Platform Feature
We’ve recently updated our platform to include a new feature that allows users to view all of their accounts in one place. If you have multiple accounts with SALT, you will be able to see this new feature after logging in and can navigate back to this display via the drop-down menu in the top left-hand corner. Please reach out to [email protected] with any questions.
At SALT, it is not lost on us, as a company nor as individuals, that Black Americans continue to fight for racial justice and many of the day-to-day freedoms a lot of us take for granted. We are committed to hearing, learning from, and supporting our Black customers & communities in this fight for a more inclusive world.
As cybercriminals are becoming more sophisticated, their attacks are becoming increasingly challenging to defend against. Two of today’s most concerning types of cyberattacks for cryptoasset owners are phishing and SIM swapping. Phishing accounts for 90% of all social engineering incidents and 81% of all cyber-espionage types of attacks, while SIM swapping, although less common, can cause equally devastating effects. Cryptocurrency holders in particular, are attractive to black hat hackers and are uniquely vulnerable to phishing and SIM swapping attacks — here’s what you need to know to protect yourself.
Protecting against phishing attacks
Phishing is a socially-engineered cyberattack that is primarily used to obtain sensitive information including as usernames, passwords, bank/credit card details, or public and private keys to cryptocurrency wallets. The vast majority of phishing is done through email but it can also come through texts/SMS, social media, and chat services. Disguised as a trusted entity, the perpetrator tricks you into opening a message containing a malicious link or attachment. The links will typically then lead you to copycat sites resembling webpages of banks, payment processors, or online crypto-wallets. These sites are designed to trick you into entering your usernames and passwords.
There are also phishing scams that specifically target cryptocurrency holders. In most instances, the attackers masquerade as some of the more popular online wallet services (e.g. Blockchain.info or Coinbase) and prompt you to give up your credentials. In other scams, emails may include seemingly relevant attachments containing malware that infects your device and stealthily scans its files, searching for private keys to a cryptocurrency wallet.
As a general rule of thumb, if you get an email you weren’t expecting, and if something — anything smells “phishy,” disregard it entirely. Additionally:
Consider anything that comes into your spam folder a red flag
Be aware of email spoofing, which is when an attacker makes an email look like it came from a legitimate sender. For example, an email can look like it came from whitehouse.gov but it will likely (not always) go into spam since the address is spoofed.
Attackers can also make look-alike domains using a Cyrillic character that looks identical but isn’t. Those may show up in your inbox (not spam).
Always check the authenticity of any URLs included in the email and beware of URL redirects.
Avoid reacting impulsively to any calls to action (downloading attachment files or replying with any sensitive information). Keep in mind that phishing attacks are designed to make you feel a sense of urgency to respond.
Preventing SIM swapping
SIM swapping is a type of account takeover attack whereby the perpetrator breaks the two-factor authentication (2FA) security protocol by hijacking your telephone number. The attack usually starts with social engineering; scammers gather your personal details (e.g. full name, address, phone number) and call your mobile phone provider pretending to be you. Using various social engineering techniques, they then convince the wireless carrier employee to port your phone number to the attacker’s subscriber identification module (SIM).
After they’ve successfully hijacked your phone number, usually just by asking for a password reset, the attackers can break into any of your accounts — email, bank/online wallet account, and others that require a call or SMS 2FA. If your phone suddenly becomes unable to make or receive calls, you may be a victim of a SIM swapping attack and should take immediate action.
To avoid becoming another SIM swapping statistic, refrain from using your phone number with 2FA where the second factor is a call or SMS-enabled authentication. In fact, if you can, avoid giving your phone number to your email or other service providers entirely. Authentication apps like Google Authenticator or Authy are a much safer alternative, as they’re tied to your physical device instead of your phone number.
If you must provide a phone number to access a specific service, contact your cell phone provider about extra layers of security for preventing number porting. Some carriers provide additional layers of security. Also, make your standard pin something random and store that pin in a secure place like a password keeper.
Safeguard your crypto assets and personal information
Ownership over cryptoassets is established solely through digital signatures (public and private keys). Couple that with the irreversible nature of blockchain transactions and you get a potential recipe for disaster. If an attacker gets ahold of your keys or your recovery phrase, whether that’s through tricking you into abdicating them yourself (phishing) or by forcefully porting your phone number and breaking the 2FA of your online wallet (SIM swapping), the result will always be the same: your funds will be lost forever.
For these reasons, taking the precautionary steps to protect your accounts, your online identity, and, ultimately, your cryptocurrency holdings, is worth the extra effort.
We at SALT want to take a moment to address the market volatility and global uncertainty stemming from COVID-19. We understand this level of uncertainty can be stressful and want to reaffirm that we’re taking the necessary steps to keep our employees and your assets safe.
Even as SALT employees have been asked to work from home for the foreseeable future, our support team will remain available 24/7. We’ve implemented our contingency plan for instances like this to ensure there will be no lapses in our customer service.
While we cannot predict what the market will do, we want to ensure you’re aware of the actions you can take NOW to protect your loan:
Deposit additional collateral — by depositing additional collateral now, you can lower your loan-to-value ratio (LTV) so that your loan and your collateral are better positioned to withstand a large dip in the market.
Add a stable cryptoasset — by adding stable assets like USDC, TUSD, or PAX or by adding gold-backed PAXG as collateral, you can offset market volatility and make your loan less susceptible to downward trends.
Make an additional payment — by paying down an additional amount on your loan, you can bring your LTV down to help reduce risk of liquidation.
Turn on notifications — if you have not already done so, we strongly encourage you to log into your account, go to your notification settings and turn on all notifications. Then log into your account via our mobile app to activate push notifications. This will help you stay up to date on the health of your loan in real time so that you can take immediate action as needed.
Taking any of the above steps will help protect your loan against market volatility. However, in the event of a severe market downturn like the one that took place on March 12, 2020, we want you to know your options for quickly restoring the health of your loan. Our blog post on what to expect when your collateral is on the decline offers additional details on how to manage your loan during a market downturn.*
*This content is meant to educate and inform but should not be taken as financial or investment advice. Trading and investing in cryptocurrencies (also called digital or virtual currencies, cryptoassets, altcoins and so on) involves substantial risk of loss and is not suitable for every investor.
Our community has voiced an interest in better understanding how we use multi-sig for our transactions and we wanted to pull back the curtain a bit to share how SALT prioritizes the security of crypto assets. So how does SALT execute on best-in-class security when it comes to crypto transactions? By building and leveraging a team with expertise in cyber security, accounting, and IT architecture.
To start with, what is multi-sig? Multi-signature (multi-sig) refers to the requirement that more than one key is present to authorize an action. The concept applies to physical or digital keys and has been around far longer than crypto.
While the Bitcoin protocol inherently has built-in multi-sig capabilities that can be easily seen on the chain, Ethereum does not expressly define how multi-sig should be implemented. Ethereum implements multi-sig through smart contracts designed by individual parties. In SALT’s opinion, these remain largely untested and need to accumulate a history of safety, prior to adoption. Our Ethereum transactions are not based on a multi-sig contract, but on a multi-sig process and technology internally.
How does this happen?
When the ETH key is created it is sharded into M of N parts, using a mathematical process that allows it to be rebuilt, and the original key is thrown away. This results in functional multi-signature, even though it is not a multi-sig address like Bitcoin.
Then when a transaction is requested, it goes through several rounds of digital and physical security checkpoints.
First the transaction must be initiated by a member on the SALT platform, or by our team internally. The transaction is then verified, reviewed, and ultimately approved by our accounting team. After the verification, a team of rotating signers place their keys (or key parts in the case of Ethereum) into a “digital safe” while a facilitator oversees the transaction. This group of signers changes with each transaction for added security. Given the key is broken up into an M of N series of sharded keys-parts, each separately encrypted, none of the participants will ever be able to see even a portion of a full key. Cryptocurrency kept within the SALT platform can never be moved by any one individual.
Think of the process as a house with a physical safe inside. That safe requires several physical keys to open, and for the homeowner to be present for any access to the money to be permitted. Similarly, our process requires a number of key-holders, the digital safe itself, and then a facilitator (homeowner), all to execute the move.
At SALT, we ensure security through process and technology to provide security in all of our transactions.
If you can “vote” for Bitcoin on the blockchain, why not vote for leaders, worldwide?
Blockchain technology is reshaping the world before our eyes at an exhilarating pace. Many people are familiar with blockchain through Bitcoin, the world’s first cryptocurrency. However, the power of Bitcoin comes from the underlying technologies of advanced cryptography and decentralized data storage. The combination of decentralization and cryptography enables data to be securely stored, transparent, and permanent. The combination of these features is seemingly perfect for many industries to the extent that governments and corporations around the world are investing billions of dollars with projections of $2.1 Billion in 2018 alone.
One of the earliest brass rings to be identified was to establish a system of fair voting. Given the virtues of the right to vote, it is essential that every measure is taken to ensure that votes are cast without coercion, are recorded accurately, and counted fairly. Many people remember the disaster of the “hanging chad” that marred the 2000 US presidential election and resulted in litigation before the Florida Supreme Court. Paper voting systems are being phased out to be replaced with electronic voting systems. Many of which present a variety of new hurdles.
With new technology comes new problems. Independent studies have revealed serious vulnerabilities that can be exploited by hackers to manipulate voting data. In fact at DefCon, a hacking conference, a revelation demonstrated that with hackers can invade practically every machine with alarming ease.
Enter Agora, a Swiss foundation focused on digital solutions for voting. In March, Agora was permitted to be an independent observer by Sierra Leone’s National Electoral Commission (NEC) to test their blockchain technology. While Agora didn’t provide the capability for each vote to be recorded initially on a blockchain, voting results were handed off from the NEC to Agora to be displayed publicly. A statement by Agora mentioned that the goal was to demonstrate their capabilities and serve as a foundation for future cooperation with the NEC.
Today the blockchains of Bitcoin and Ethereum record votes relating to each transaction in real-time. This fact enables a future voting system where the electoral process is transparent and void of disputes. This goal of making a better world through increased empowerment and lessened corruption is in alignment with many leaders in the blockchain world. It’s just this one guy’s opinion that since the world is moving to smart phones where you can easily purchase Bitcoin, being able to vote on your phone is a natural progression. With increased access and ease of voting, more voices will be heard which is how things “should be”.
SALT is a big fan of the KeepKey hardware wallet, and when we released our SALT-branded versions a couple of months ago, they sold out in minutes.
With a recent firmware update and the updated production client available on the Chrome store, KeepKey now natively supports SALT ERC-20 digital assets, which means that it’s now even easier to send SALT onto your account, receive it from your account or exchange up to 30 other tokens or supported cryptocurrencies to purchase memberships with our blockchain-backed loan platform.
This integration should prove to be simpler for users, who may be using digital wallets that are less intuitive, this integration simplifies things for users of one of the world’s leading cryptocurrency hardware wallets.
Ken Hodler, CTO of KeepKey said about this integration — “We couldn’t be more excited about natively supporting thirty ERC-20 digital assets, including SALT, our first-ever white-label partner. Users can securely send and receive SALT Memberships directly on their SALT branded KeepKey. Any user not holding SALT can easily use our ShapeShift integration to convert their current digital assets into SALT. We are elated to have this partnership with SALT, an innovative and industry leading lending company.”
We will be releasing additional information on Medium over the coming weeks, and if you want to stay up to date with all things SALT, our website offers the ability to contact the SALT Team directly for any questions or concerns. Also, you can engage with us via social media by following us on Twitter @SaltLending, visit our SALT Lending Facebook page, or subscribe to our YouTube channel. You can also join our decentralized community partners by participating in SALT’s Telegram and Discord channels, as well as our main subreddit.
Recently there has been an influx of support tickets regarding the amount of time it’s taking accounts to be identification verified. We apologize for the delay and appreciate your patience as we work through the backlog of verifications. If your account is still pending verification please review these tips to help speed up the process. If you recognize an error you may have made, you can re-submit your ID in the SALT dashboard.
Submit a valid, non-expired, government issued ID.
Make sure the photo updated is just of the ID.
For best results, place ID on a flat surface on top of a blank white piece of paper.
Please don’t withhold any of information on the ID.
Selfies are not a valid form of ID.
We don’t need you holding the ID in the picture.
Submit the information on the verification form exactly as it appears on your ID.
For example, if a member enters Chris for their first name on ID verification form but Christopher appears on their ID, our service provider will submitted it for manual review.
Submit the address that is listed on your ID, not your current address, they’re not the same.
Make sure the photo is clear, legible, and in color. Please don’t scan your ID if at all possible, as this can cause unexpected issues.
Upload the back of any non United States ID. (In many cases, non United States IDs will have necessary information, such as expiration date, on the back.)
We are unable to verify temporary or paper ID’s.
If you are confident you submitted your ID correctly after reading these tips please feel free to reach out to the Support Team at [email protected]. Thanks for being a member of the SALT community!
Salt Lending LLC: Salt Master Fund II, LLC – NMLS 1711910
This website contains depictions that are a summary of the process for obtaining a loan and provided for illustrative purposes only. For example a one year $10,000 loan with a rate of 6.00% APR would have 12 scheduled monthly payments of $861. There is no down payment required. Annual percentage rates (APRs) through the website vary. The use or access of the website or platform does not guarantee the availability of any current and/or future offer, promotion, terms, loan, or return. Additional terms, conditions, requirements, suitability, and screenings, among other restrictions, may apply at the sole discretion of Salt. Salt Lending LLC’s loans are issued pursuant to private agreements. You should review the representations and warranties described in the loan agreement.
Available rates and terms are subject to change and may vary based on loan amount, qualifications, and collateral profile. Other terms, conditions, and restrictions may apply.
Individual US citizen borrowers must be a permanent resident and at least 18 years old (or local age of majority).
Valid bank account and social security number/FEIN are required. Borrowing against collateral entails risk and may not be appropriate for your needs. Not FDIC-insured; investments may lose value; no Salt or bank guarantee. Salt does not provide legal and/or tax advice. Please consult your advisor.