Altura says the last payout from its stablecoin vault shutdown has been delayed after a bank temporarily restricted the account holding the remaining redemption funds. According to the protocol, more than £16.4 million is currently locked while the bank conducts an internal review, leaving the final leg of the wind-down on hold.

Bank restriction stalls final transfer

Altura said the money was held in an Altura Bank account and was due to be sent to an over-the-counter trading partner for conversion into USDT when the restriction was imposed. Screenshots shared by the protocol on X indicated that the account had been temporarily restricted and that the bank was carrying out an internal review.

The company said it had contacted the bank and had been told to wait until that review is completed. No end date for the process has been given. As a result, Altura has not committed to a timeline for the final payout to users, with completion now dependent on when the account is reopened rather than on settlement of underlying positions.

A shutdown that began in June

The delay comes at the end of a wind-down process that has been unfolding for months. Altura decided in June to close the vault after a sharp wave of withdrawals, and it has since been redeeming user funds as positions matured and capital was recovered.

By mid-July, the protocol had reported how much had already been recovered and how much remained outstanding, while indicating that the process was nearing completion. The shutdown plan had moved from transfers into its JPMorgan Chase account in June toward the final OTC conversion step before the bank review interrupted the process.

Redemption rush and market stress

Altura said the wind-down was triggered by sustained withdrawal demand and broader market sentiment. In June, the protocol processed more than 8.5 million USDT in instant withdrawals over a 24-hour period, a redemption rush that led management to begin closing the vault.

That period also coincided with pressure across the yield-bearing stablecoin sector, including the depeg of Main Street’s msUSD. Altura said, however, that it had no exposure to Main Street or to its strategies. It also said its HyperEVM lending vault, the USDT/AVLT market and its borrowers were unaffected by the issue surrounding the shutdown.

Size of the vault and remaining uncertainty

Altura’s vault focused on generating stablecoin yield on HyperEVM. At the time of the June withdrawal surge, about $32.36 million in total value locked was being tracked for the protocol on Hyperliquid L1. The product consisted of a single yield pool and had an average annual return of about 17.49%, according to the source material. The vault had previously reached roughly $39 million at its peak.

For now, the main unresolved issue is procedural rather than market-based: Altura says the remaining funds are available but inaccessible until the bank finishes its review. That means the final redemptions remain pending without a confirmed completion date.

Source: Cryptopolitan