Altura's Vault Redemptions Halted by Bank Account Restriction

Altura's bank account has been temporarily restricted by the bank, halting the final step in its vault redemptions. The DeFi yield protocol had lined up an over-the-counter (OTC) deal to swap the returned cash into USDT, which would then be sent out to users. However, with £16.4 million currently locked in the account, the process has come to a standstill.

The restriction is part of an internal review by the bank, based on screenshots shared by Altura. The protocol's team has contacted the bank and been told to wait for the completion of the review. This delay comes at the end of a months-long process that began in June when Altura decided to close its vault.

The decision to wind down was sparked by a redemption rush, with over 8.5 million USDT cleared in instant withdrawals within a single 24-hour period. CEO Ranveer Arora attributed this move to 'sustained withdrawal demand and current market sentiment'. He also noted that the protocol never held any exposure to Main Street or its strategies.