Crypto lender Abra accused of securities violation, settles

Abra settled the charges from the SEC by agreeing to a compliance order and agreeing to pay yet-to-be-determined civil penalties.

In January 2024, Abra settled claims from the Texas State Securities Board by agreeing to refund customers. As part of the complaint, TSSB alleged that Abra was “insolvent or nearly insolvent” and had made misleading statements. In June 2024, Abra settled with 25 state regulatory agencies, agreeing to refund up to $82.1 million to its US customers. Abra began winding down operations in the United States in mid-2023 after facing multiple state regulatory actions.