The salvage town that grew up to service Shredwreck sits on a volcanic headland overlooking the wreck site. The "point" is black basalt, jutting into waters that are dangerous on calm days and deadly in storms.
Blackpoint is rough, transient, and lawless. No ring-holders bother claiming it; no garrison keeps order. The town exists because treasure hunters need somewhere to sleep, eat, buy equipment, and spend their earnings (or borrow against future finds). Disputes are settled privately. Credit is extended at ruinous rates. Fortunes change hands in back-room deals.
The permanent population is small — merchants, tavern-keepers, equipment suppliers, and the sort of people who profit from desperation. The transient population fluctuates with the seasons and the rumors; a credible story of new treasure discovered can double the town's size in a week.