Altura Decides to Close Stablecoin Yield Vault Due to Withdrawal Surge

06/22 03:40

On June 22, the DeFi protocol Altura announced on Sunday that it would orderly close its Stablecoin Yield Vault following a surge in withdrawal requests over the weekend. Altura's CEO Ranveer Arora stated on social media platform X that within 24 hours prior to the announcement, the platform had processed over 8.5 million USDT in immediate redemption requests, with user withdrawal demands reaching 'unprecedented levels.' Arora remarked, 'Given the ongoing withdrawal demand and the current market sentiment, we have made the difficult decision to begin the orderly closure of the Altura vault. Our top priority remains to protect user funds and ensure that all redemption processes are completed in a fair, transparent, and efficient manner.' The vault previously had a total locked value (TVL) of up to $39 million on Hyper EVM.

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