Salt Lending
Colorado, United States
Salt Lending’s $47 million ICO collapse exposes yet another crypto scheme that defied regulations, leaving investors scrambling for refunds and trust in the industry further eroded.
2.7/5
Trust Score
Composite score based on public data signals and verifiability indicators.
2
Red Flags
The dossier on Salt Lending has been compiled using publicly available sources including court records, regulatory filings, corporate registries, archived media reports, and other verifiable documents. Research is conducted in collaboration with journalists, OSINT analysts, researchers, and citizen contributors.
The information presented is provided for informational and research purposes only and does not constitute legal advice or a legal determination regarding Salt Lending. We welcome credible evidence, corrections, or additional documentation that may help improve the accuracy and completeness of this record.
Created: March 3, 2025 • Updated: January 13, 2026
Salt Lending, a platform offering crypto-backed loans, has faced significant regulatory scrutiny and legal challenges over the years. These issues have raised concerns among investors and borrowers regarding the platform’s compliance and operational practices.
SEC Enforcement Actions: In 2020, the U.S. Securities and Exchange Commission (SEC) charged Salt Lending for conducting an unregistered initial coin offering (ICO) that raised approximately $47 million. The SEC ordered the company to offer refunds to investors and pay a civil penalty. Salt Lending agreed to settle the charges without admitting or denying the findings.
California Department of Financial Protection and Innovation (DFPI) Settlement: In 2024, the DFPI reached a settlement with Salt Lending, requiring the company to pay $300,000 in borrower refunds and penalties. The settlement addressed violations under the California Financing Law, including inadequate underwriting policies and failure to assess borrowers’ ability to repay loans.
Underwriting and Risk Assessment Concerns :The DFPI’s investigation revealed that Salt Lending did not have adequate underwriting policies in place for consumer and commercial loans. For instance, the company did not evaluate borrowers’ credit history, debt, expenses, or overall financial condition before originating loans. Additionally, income verification was lacking for loans over $75,000.
Customer Complaints and BBB Rating: Salt Lending holds a D- rating from the Better Business Bureau (BBB), primarily due to its failure to respond to customer complaints. This rating reflects concerns about the company’s customer service and responsiveness to issues raised by clients.
Operational Challenges and Alleged Mismanagement: Reports have indicated that Salt Lending faced operational challenges, including allegations of mismanagement and misuse of funds. Such issues have contributed to concerns about the company’s financial stability and its ability to effectively manage client assets.
Salt Lending’s history is marked by regulatory actions, legal settlements, and operational challenges that have raised concerns about its compliance, customer service, and financial management. Potential investors and borrowers should exercise caution and conduct thorough due diligence before engaging with the platform.
Compliance and Regulatory Intel
| Risk Category | Assessment Question | Status |
|---|---|---|
| Liabilities | Does have any significant outstanding liabilities that may pose financial risks? | Possibly Yes |
| Undisclosed Relations | Are there undisclosed business relationships or affiliations linked to ? | Possibly Yes |
| Sanctions or Watchlist Matches | Is listed on any international sanctions or compliance watchlists? | Not Known |
| Criminal Record | Does have a record of criminal activity or related investigations? | Definitely Yes |
| Civil Lawsuits | Are there civil lawsuits, past or present, involving ? | Possibly Yes |
| Regulatory Violations | Has faced regulatory violations or penalties? | Definitely Yes |
| Bankruptcy History | Has filed for bankruptcy or been involved in any bankruptcy proceedings? | Potentially No |
| Adverse Media Mentions | Have there been significant adverse media mentions related to ? | Possibly Yes |
| Negative Customer Reviews | Are there negative reviews or complaints from customers or clients about ? | Not Known |
| High-Risk Jurisdiction Exposure | Does operate within or have exposure to high-risk jurisdictions? | Potentially No |
| Ongoing Investigations | Is currently subject to any ongoing investigations? | Definitely Yes |
| Fraud or Scam Allegations | Have there been fraud or scam allegations involving ? | Definitely Yes |
| Reputational Risk Incidents | Have there been incidents significantly impacting ’s reputation? | Definitely Yes |
| High-Risk Business Activities | Is engaged in any high-risk business activities? | Definitely Yes |
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Sources, verification, and research standards behind our reports.
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LegalObserver analyzes verifiable public records including court filings, regulatory disclosures, enforcement actions, corporate registries, and government databases. Each entry links to original documentation whenever possible to allow independent verification.
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Corporate & Ownership Data
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Regulatory & Compliance Records
We review enforcement notices, regulatory actions, sanctions listings, compliance warnings, and disciplinary records issued by financial, governmental, and professional authorities.
Media & Archive Research
Coverage from established news organizations, investigative journalism outlets, and archived publications is analyzed to document historical reporting and public narratives associated with the subject.
OSINT Intelligence
Open-source intelligence techniques are used to gather and cross-reference information from publicly accessible sources including corporate registries, official disclosures, archived webpages, and investigative databases.
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LegalObserver documents verified attempts to suppress or remove public information, including questionable copyright claims, takedown notices, or legal threats directed at publishers or archives.
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About us
- LegalObserver publishes investigative dossiers compiled from publicly available sources including court records, regulatory filings, corporate registries, and archived media reports.
- Our research is conducted in collaboration with journalists, OSINT analysts, researchers, and citizen contributors who review and cross-reference verifiable information.
- We publish information for research and public interest purposes and welcome credible evidence, corrections, or additional documentation that may improve the accuracy of our records.
Source of Information
- 1 wsj Firm Tied to Cryptocurrency Entrepreneur Faces SEC Investigation Retrieved 15/11/2018
- 2 forklog Erik Voorhees and Salt Lending Investigated by SEC – Report Retrieved 11/06/2018
- 3 coindesk Erik Voorhees, Salt Lending Being Investigated by SEC, Report Says Retrieved 13/09/2021
- 4 cryptoslate SEC Investigating Crypto Company Salt’s $50M Sale Retrieved 20/03/2020
- 5 sec.gov In the Matter of Salt Blockchain Inc., f/k/a Salt Lending Holdings, Inc. Respondent. Retrieved 30/09/2020
- 6 pymnts Bitcoin Daily: SEC Charges Florida Crypto Trader In $6.8M Fraud Case; Salt Lending To Pay $250,000 Fine, Refund ICO Investors; SEC Alleges Swedish National Bilked Crypto Investors Of $1.5M Retrieved 30/09/2020
- 7 coindesk SEC Orders Salt Lending to Offer Refunds to Investors in Its $47M ICO Retrieved 14/09/2021
- 8 dfpi.ca.gov DFPI Secures $300,000 in Borrower Refunds and Penalties from Crypto Lending Platform, SALT Lending LLC Retrieved 23/12/2024
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User Feedback
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Average Ratings
Based on 4 Ratings
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I trusted them with my money, and now it feels like they just took it. The whole refund process is dragging on forever. Should’ve seen the red flags.
Salt Lending really screwed us over. Promised high returns and now we’re left with nothing, and trying to get our money back is a nightmare.
When a company like Salt Lending can just pull a stunt like this and mess with people’s savings, it’s clear that crypto needs way more regulation.
They knew they weren’t following the rules, and now we're paying for it. The ICO was a scam from the start, and now investors like me are stuck with worthless tokens.