Crypto entrepreneur Bill Barhydt confirmed the settlement, emphasizing that Abra has never frozen withdrawals for U.S. users and wound down its Earn and Boost programs voluntarily in 2023.
Crypto lending firm Abra — allegedly insolvent since March 2023 — has entered a settlement in principle with the Texas State Securities Board (TSSB). The company will return assets invested by the state’s citizens.
On Jan. 22, the TSSB released the final confirmation of the settlement. According to the document, Abra “began winding down U.S. retail operations” and will notify clients with more than $10 in their balances so they can withdraw their assets in seven days. The unclaimed assets will be converted to fiat currency and directed to remaining Texas investors.
Abra is a group of companies controlled by crypto entrepreneur Bill Barhydt. The settlements name four separate entities tied to the brand: Plutus Financial Holdings, Plutus Financial, Plutus Lending and Abra Boost.
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Source: https://cointelegraph.com/news/abra-texas-settlement-repayment-crypto-lender