Altura's £16.4M Bank Account Restricted Amid DeFi Redemptions Delay

Altura's DeFi yield protocol is facing delays in its full redemptions due to a bank account restriction. The £16.4 million held in the account was meant to be converted into USDT for user redemptions, but the bank temporarily restricted access before the transfer could proceed.

The funds had returned from Altura's underlying investment strategies and were awaiting transfer to an over-the-counter counterparty for the stablecoin purchase. The protocol's Proof of Reserves dashboard had classified the bank balance as cash recovered from the unwind and awaiting conversion into USDT.

Altura has contacted the bank, but was told to wait for further instructions. The institution was not identified, and Altura did not disclose what triggered the restriction or whether it relates to the planned crypto transaction, customer due diligence, or another compliance check.