Altura, a DeFi yield protocol on HyperEVM, is pulling the plug on its primary USDT vault after processing more than $8.5M in redemptions within a single day. The vault, which had peaked at $39M in total value locked, became collateral damage in a panic that started somewhere else entirely.
The wind-down, announced on June 21 by CEO Ranveer Arora, is being framed as a protective measure. The goal: ensure every user gets their money back in an orderly fashion rather than letting a bank-run dynamic play out in real time.
What actually happened
Main Street’s msUSD stablecoin lost more than 70% of its peg after its proof-of-solvency provider, a firm called Accountable, abruptly ceased operations on June 20-21. That collapse sent shockwaves through any protocol even loosely associated with the same infrastructure.
Altura shares Accountable as a solvency verification provider but had zero direct exposure to msUSD itself.
