The Texas State Securities Board has filed a cease and desist order against the crypto

 

The Texas State Securities Board has filed a cease and desist order against the crypto trading platform Abra and CEO Bill Barhydt, accusing the company of committing securities fraud.  The state regulator also said the firm was insolvent or about to be insolvent in March when it interviewed Barhydt. The agency alleged Abra of misleading investors by selling its Abra Earn and Abra Boost crypto interest accounts.  In addition, the board claimed that the company secretly moved its assets to Binance Holdings Ltd.  The order followed a 136-page complaint filed by the U.S. Securities and Exchange Commission (SEC) against Binance, the largest crypto exchange by trading volume, and CEO Changpeng Zhao (CZ) over U.S. law violations with 13 charges. Abra has yet to make an official statement on the order.  In 2022, Abra reduced its workforce in the U.S. and Asia by 5%.