Abra Accused in Texas of Securities Fraud, Misleading Investors
- Crypto platform, CEO targeted by cease and desist order
- Regulator says Abra was insolvent or nearly insolvent in March
Bill Barhydt, founder and chief executive officer of Abra.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Crypto trading platform Abra was accused of securities fraud by a Texas regulator that filed an emergency cease and desist order against the company and Chief Executive Officer Bill Barhydt.
The Texas State Securities Board alleged that Abra misled investors through sales of its Abra Earn and Abra Boost crypto interest accounts, according to a filing Thursday. The regulator said the company secretly transferred assets to Binance Holdings Ltd., which was sued last week by the US Securities and Exchange Commission and accused of running an unregistered crypto exchange.