PANews, June 22 — Ranveer Arora, CEO of the on-chain yield platform Altura, posted on X stating that the platform has received an unprecedented number of withdrawal requests over the past 24 hours and has successfully processed over 8.5 million USDT in instant redemptions. Given the sustained withdrawal demand and current market sentiment, the team has decided to begin an orderly wind-down of the 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 and has begun 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.

One day before this post was published, Altura issued a statement regarding the Mainstreet (MSY) depegging incident, clarifying that it has never had any exposure to Mainstreet or any of its underlying investment strategies, and that its HyperEVM lending vaults, related markets, and Ethereum vaults remain unaffected.