Altura vault redemptions remain delayed after a bank temporarily restricted the account holding more than £16.4 million for final user payouts.
The restriction stalled the protocol’s stablecoin vault wind-down, which began after withdrawals in June. Altura said the delay falls outside its control while the bank conducts an internal review. The protocol wrote, “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.”
Bank Review Delays Final Altura Payout
Altura had arranged an over-the-counter transaction to convert returned cash into USDT for users. The team said the money sat in an Altura bank account and was heading to an OTC partner when the account “has been temporarily restricted.”
Screenshots on X showed more than £16.4 million locked during the review. Altura contacted the bank and said it was told to wait until the institution completed its assessment.
The restriction arrived near the end of a wind-down that continued throughout summer. Altura closed the vault in June and redeemed user funds as underlying positions settled.
Altura Vault Wind-Down Nears Final Stage
On July 15, Altura reported recovering $14.97 million, while $6.95 million remained outstanding. About one week later, the protocol said roughly $1 million in vault strategies still required unwinding.
By July 23, CEO Ranveer Arora said Altura had received all funds returned by its real-world asset partners. He identified the OTC conversion as the final step before distributions.
Earlier, on June 25, Altura said transfers into its bank account were moving through JPMorgan Chase. It also introduced a Proof of Reserves section in its application, allowing users to track each transfer.
The wind-down followed a sharp rise in redemption requests. Altura processed more than 8.5 million USDT in instant withdrawals during one 24-hour period before Arora announced an orderly closure. He attributed the decision to “sustained withdrawal demand and current market sentiment.”
Altura Denies Main Street Exposure
The pressure occurred as Main Street’s msUSD lost its dollar peg after its proof-of-solvency provider withdrew. Altura said it held no exposure to Main Street or its strategies.
The protocol said its HyperEVM lending vault, USDT and AVLT market, and borrowers were unaffected. Arora challenged what he described as misinformation and speculation, saying unsupported narratives contributed to redemption fears.
Altura’s vault focused on stablecoin yield through HyperEVM, an Ethereum-linked network. DefiLlama recorded about $32.36 million in total value locked on Hyperliquid L1 during the rush. Its single yield pool showed an average annual return near 17.49%, while the vault previously peaked near $39 million.
Altura has not provided a completion date. Final payments depend on the bank completing its review and restoring access to the restricted account.
