Altura: $21.88 million held in its bank accounts has been temporarily frozen, halting its plan to purchase USDT.

On-chain yield platform Altura announced that its plan to purchase USDT using fiat funds from its bank account via an over-the-counter (OTC) partner has been blocked, as the account holding the funds was temporarily frozen by the bank. A screenshot shows the frozen amount is approximately £16.446 million, equivalent to around $21.88 million. Altura said it has communicated with the bank on the matter, which has asked the project to wait for the completion of its review, noting it will reach out if additional materials are needed. The situation is entirely out of Altura’s control, and the project is awaiting further updates from the bank. Altura also announced it will suspend community chat functions due to limited team resources, to focus on addressing the current issue. The project pledged to share timely updates on developments via its official X account, Telegram channel, and Discord, while urging the community to avoid speculation until official confirmation is received. Earlier reports noted that Altura announced on June 22 it would orderly close its Altura vault due to a surge in withdrawals, with plans to convert the funds to USDT via an OTC partner before reopening redemptions.