Abra is insolvent: Texas Regulator

Abra is a platform that manages cryptocurrency. According to the Texas regulator, she is cheating with securities. Consequently, he stated the requirement to immediately stop the provision of services.

What does the regulator accuse Abra of?

The regulator made a statement that the platform, together with its founder, deceives users about its Earn and Boost investment products.

According to the regulator, investors may have used cryptocurrencies to replenish their accounts, which are linked to the above products. In exchange, they were to receive interest in the form of payments. At the same time, the rate reached about 10% per year.

The regulator reports that the platform deliberately concealed financial statements, failed to fulfill its credit obligations and secretly transferred assets to the Binance crypto exchange.

According to him, already at the end of March, the site was insolvent. However, she actively denied her bankruptcy on social networks.

Recall that last fall, the platform announced that it would stop selling investments in its Earn product. However, at the same time I launched another one — Boost. It is possible to store cryptocurrencies for accredited and institutional investors.

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