Crypto Lender Abra Is Insolvent, Made Transfers to Binance, State Regulators Say

Crypto lender Abra has been insolvent or nearly insolvent since the end of March, Texas regulators said Thursday. In an emergency cease and desist order, the Texas State Securities Board alleged that Abra, its related entities and founder William John “Bill” Barhydt committed securities fraud. Abra offered and sold investments in its yield programs Abra Earn and Abra Boost that contained “statements that are materially misleading or otherwise likely to deceive the public,” the regulator said.