TechFlow reported, according to Texas regulators, crypto lending firm Abra, which handled over $116 million in assets and is alleged to have engaged in securities fraud, has been insolvent since March 31.
In an enforcement action on June 15—including emergency cease-and-desist orders—the Texas State Securities Board charged Abra and its founder William Barhydt with securities fraud and deceptive promotion of investment products through its affiliated companies Abra Earn and Abra.
"The alleged misconduct includes intentionally concealing financial information reflecting the entities’ capitalization, loan defaults, and transfers of assets to Binance," the regulator said.
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