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Crypto lender Abra has been insolvent since March, says Texas regulator

Published 06/15/2023, 10:09 PM
Updated 06/15/2023, 11:40 PM

Crypto lending firm Abra, which once handled more than $116 million in assets, had allegedly committed securities fraud and has been insolvent since March 31, according to Texas regulators.

In a June 15 enforcement action — including an emergency cease and desist order — the Texas State Securities Board accused Abra and its founder William Barhydt of committing securities fraud as well as engaging in deception regarding the sale of investment products through its affiliates Abra Earn and Abra Boost.

The enforcement action against Abra, its related affiliates and CEO William Barhydt. Source: Texas State Securities Board.

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