Altura CEO: Orderly shutdown of Altura vaults decided due to surge in withdrawals, 8.5 million USDT redemptions processed

CoinFeed June 22 news, on-chain yield platform Altura CEO Ranveer Arora posted on X stating that the platform received unprecedented withdrawal requests in the past 24 hours and has successfully processed over 8.5 million USDT in instant redemptions. Given the continued withdrawal demand and current market sentiment, the team has decided to begin an orderly shutdown of Altura vaults, prioritizing the protection of user capital and ensuring all redemptions are completed in a fair, transparent, and efficient manner. The team has notified all counterparties and partners to begin closing positions in the investment portfolio. Arora stated that some positions can be redeemed immediately, while others require standard settlement and redemption periods, and the team is working with all counterparties to accelerate the process.