Altura blames bank account freeze for delay in vault shutdown process

Altura has announced that the account holding the cash that is meant for the last round of payouts from its stablecoin vault has been temporarily restricted by the bank. 

The DeFi yield 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,” which is a confirmation that the restriction is delaying a wind-down of its treasury that started in June.

What did Altura say happened?

Before the freeze, Altura had already lined up the final step, which was an over-the-counter (OTC) deal to swap the returned cash into USDT, which would then go out to users. In a post to its followers, the team said the funds are in an Altura Bank account and were headed to an OTC partner when the account “has been temporarily restricted.”

Over £16.4 million is currently locked in the account while the bank completes an internal review based on screenshots that the protocol shared on X.

Altura said it has contacted the bank, stating that the bank has asked them to wait till they complete their review of the account.

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