On Monday, October 12, 2026, Traders Union reported that depositors in the crypto yield platform Altura are being urged to file fraud complaints with UK authorities after the platform froze withdrawals and a legal dispute over missing funds reached the courts.
According to the report, which cited Weiss Ratings, Altura presented itself as a Canadian-built vault where users placed wrapped Tether (USDT) into strategies that at one point advertised yields of nearly 20%. By comparison, stablecoins on centralized exchanges are typically cited as paying between 2% and 5%. The platform also pointed to what appeared to be institutional backing, including staff who previously worked at Fidelity and PwC, a $4 million seed round raised earlier in 2026, and insurance from Native Insurance.
Trouble began after another platform, MainStreet, disclosed unusual utilization levels and bad debt. That prompted wider distrust of Accountable, the solvency-verification firm linked to both businesses. The concern spread to Altura and triggered a wave of withdrawal requests. Altura said it processed more than $8.5 million in instant redemptions during the first 24 hours before halting withdrawals. The company stated that its reserves were held in a bank account, that deposits remained backed at roughly 104% collateralization, and that there had been no exploit or strategy failure.
On July 28, Altura said its bank account had been frozen and asked users to be patient. After several weeks of limited communication, Turtle, which hosted the Altura pool on its website, joined large depositors in suing Altura and its Liverpool-based chief executive, Ranveer Arora. A preliminary hearing took place on Sept. 25, and an interim Worldwide Freezing Order was granted, according to the account cited in the report.
The article said no funds were found in the account where they were expected to be held. Turtle Chief Operating Officer Waseem Shabout said the information that came back indicated the matter should move into criminal proceedings.
Traders Union said users with unfulfilled withdrawal requests should report the matter to UK fraud authorities, including those living outside the UK. It said a filing creates a record with law enforcement, may support a criminal investigation, and produces a Crime Reference Number that can be used for future claims or documentation.
The report listed the details that should be included in a complaint: deposit and withdrawal dates, wallet addresses, transaction records, company information for Altura DeFi Ltd, the pool contract address, and the claim number BL-2026-001127. It also advised users to note Altura’s statement that about £16.4 million in remaining funds were being held at Allica Bank in an account that had been temporarily restricted, with screenshots posted on July 28, 2026.
The publication said the episode illustrates that high yields, visible on-chain activity, open-source code, audits, fundraising, and insurance may reduce uncertainty but do not remove counterparty, liquidity, and governance risks when access to reserves is interrupted.
Source: Traders Union
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