Altura's Bank Account Freeze Delays Final Payouts

Altura, a DeFi yield protocol, has announced that its account holding funds for the final round of payouts from its stablecoin vault has been temporarily restricted by the bank.

The restriction is causing a delay in the wind-down process, which started in June. According to Altura, 'The situation is entirely outside of our control, and there is no further action we can take until we receive an update from the bank.'

Altura had already lined up the final step in the payout process, an over-the-counter deal to swap the returned cash into USDT, but this has been halted due to the account freeze. The funds, worth over £16.4 million, are currently locked in the account while the bank completes its internal review.

Altura had begun unwinding its vault in June after a redemption rush led to sustained withdrawal demand and current market sentiment. By July 15, the protocol had recovered $14.97 million with $6.95 million still outstanding. The team has stated that it is waiting for the bank's review to be completed before proceeding with the final payouts.

The delay has raised concerns about the timeline for the last payouts, which were expected to complete soon after the OTC conversion was finalized. However, Altura has not committed to a completion date and will wait until the account reopens before proceeding.