An update on Altura's multi-strategy vault.
Every user deposit is backed. The vault is over-collateralized with reserves near 104%, the price per share has not been reduced, and no funds have been lost. No strategy failed and there was no exploit.
As part of our risk management, we maintain a liquidity buffer at all times through secure custody arrangements. This helped to cushion an unprecedented demand for withdrawals as we serviced $8.5M+ in instant outflows yesterday. However, a sustained period of heavy withdrawals moved faster than the liquid part of the vault could be freed up. This is down to a maturity mismatch between our onchain and off-chain positions.
We are now in the process of unwinding all active deployments. Market Making strategies will be inactive within 72 hours, while the RWA positions will take more time due to their inherent nature.
To make this orderly and efficient, withdrawals are paused. We are finalizing the redemption process, working closely with our counsel to make sure the process is fair to everyone.
We ask that users remain patient at this time. A full breakdown on the redemption process and timing is coming.
Altura has always worked to be responsible stewards of capital. The maturity mismatch will be resolved in time and we hope through this process we can continue to earn your trust.
Treasury Unwind Update
The Inessa unwind is underway, and transfers to Altura's bank account are now being processed through JPMorgan Chase.
We have added a new Proof of Reserves tab to the Altura app, where every transfer can be followed: https://t.co/wJE7abqaeR
As funds arrive, Inessa exposure decreases and Altura bank account exposure increases. The Altura POR dashboard reflects these changes immediately. Each transfer is also independently verified by Accountable, and their dashboard may take slightly longer to update, as reconciliation is done manually on their side.
We are scaling transfer sizes up gradually so each step clears cleanly through the banking and verification process. Today's transfers reflect that approach, and amounts are expected to increase over the coming days.
As previously stated, redemptions will open once all treasury assets have been recovered and verified, and will then be processed together, so everyone is treated equally.
For those borrowing against AVLT on Morpho, we understand this is a difficult position. To keep the process fair for all holders, redemptions are handled together rather than individually. Morpho's markets are also immutable, so the terms cannot be changed on-chain by anyone. Your position stays in your control, and you can repay and unwind on Morpho at any time.
We are grateful for the patience and trust this community continues to show, and we will keep sharing progress until the unwind is complete.
Altura Community Update
The recovery of treasury assets from Inessa is ongoing and progressing steadily. Two transfers totalling USD 1.2 million arrived today. Funds are arriving in tranches as the unwind continues.
Today's transfers are already verifiable through JPMorgan's payment tracker, using the reference ID shown on Altura's Proof of Reserves dashboard, where details appear first: https://t.co/wJE7abqaeR
The Accountable dashboard takes slightly longer to update. Accountable independently verifies each transaction before updating it. That short delay is the independent check working as intended. You can find the dashboard at https://t.co/0QKkFu9Rul
We are grateful for your patience. The Altura team is working around the clock to see this through, and we will keep you updated as things progress.
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@CarBombBoom13 So Jake sensed he was coming.. but it would be ok for him to get drilled from behind.. and not protect himself?? Boychuck was coming and was going to hit Vorachek away from the boards with back turned.. what it worse?