Altura: $21.88 million of funds held in a bank account have been temporarily frozen, hindering the USDT purchase plan

July 29th. On-chain yield platform Altura announced that its original plan to purchase USDT with fiat funds through an over-the-counter (OTC) partner using Altura's bank account was obstructed due to the bank account holding the related funds being temporarily frozen by the bank (a screenshot showed a frozen amount of approximately £16.446 million, about $21.88 million).

Altura stated that it has communicated with the bank regarding this issue. The bank has requested them to wait for the audit to be completed and mentioned that they will be contacted separately if additional materials are required. The current situation is entirely beyond Altura's control, and they need to wait for further response from the bank. Altura also announced that due to limited team resources, they will temporarily suspend the community chat function to focus on addressing the current issue. They promised that any subsequent developments will be promptly communicated through their official X account, Telegram channel, and Discord, and they urged the community to refrain from speculation until official confirmation is received.

In previous news, Altura announced on June 22nd that due to a surge in withdrawals, they decided to orderly close the Altura Treasury and planned to convert the funds into USDT through an OTC partner and reopen redemptions.