Abra, a crypto lending company that has allegedly been insolvent since March 2023, has reached a settlement in principle with the Texas State Securities Board (TSSB). Under the settlement, the company will return the assets invested by citizens of Texas.
The TSSB released the final confirmation of the settlement on Jan. 22, stating that Abra has started the process of winding down its operations in the United States and will inform clients with balances of more than $10 that they have seven days to withdraw their assets.
Any unclaimed assets will be converted to fiat currency and distributed to remaining investors in Texas. Abra is controlled by crypto entrepreneur Bill Barhydt and consists of several entities, including Plutus Financial Holdings, Plutus Financial, Plutus Lending, and Abra Boost.
The company has been offering Abra Earn and Abra Boost, promising users interest on their digital asset deposits while generating profits from lending the funds. The offer is still visible on the Abra website, advertising up to 10% interest compounded daily and paid out every Monday.
