On-chain yield platform Altura said a planned USDT purchase through an over-the-counter (OTC) partner has been blocked after the bank account holding the fiat funds was temporarily frozen by the bank. A screenshot cited by the company showed roughly £16.446 million, or about $21.88 million, affected. Altura said it has been in contact with the bank and was told to wait for the review process to be completed, with any request for additional materials to be communicated separately. The company added that the situation is currently outside its control and that it is awaiting a further response from the bank. Altura also said it will suspend community chat functions because of limited team capacity, saying it wants to focus on handling the issue. Future updates, it said, will be posted through its official X account, Telegram channel and Discord. Foresight News had earlier reported that on June 22, Altura announced an orderly shutdown of the Altura vault after a surge in withdrawals and said it planned to convert funds into USDT through an OTC partner before reopening redemptions.
On-chain yield platform Altura said a planned purchase of USDT through an over-the-counter, or OTC, partner has been disrupted after the bank account holding the fiat funds was temporarily frozen by the bank.
According to the company, a screenshot showed about £16.446 million, equal to roughly $21.88 million, had been frozen.
Altura said it has contacted the bank over the matter. The bank asked the company to wait until its review is completed and said it would reach out separately if additional materials are needed. Altura said the situation is currently entirely outside its control and that it is waiting for a further response from the bank.
Altura also announced that it will suspend community chat functions. The team said it has limited manpower and wants to focus on dealing with the current issue.
The company said future updates will be shared through its official X account, Telegram channel and Discord, and urged the community to avoid speculation before official confirmation is released.
Foresight News previously reported that on June 22, Altura announced an orderly closure of the Altura vault after a surge in withdrawal requests. It also said at the time that it planned to convert funds into USDT through an OTC partner and reopen redemptions afterward.
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