**Texas State Securities Board Takes Enforcement Action Against Crypto Firm Abra and CEO Bill Barhydt – What's Going On?**


The Texas State Securities Board has issued an emergency cease-and-desist order against crypto lender Abra, claiming that it has been insolvent since at least March 31, 2023.


In a Thursday filing, the Texas regulator unveiled enforcement actions against Abra and its founder William Barhydt for allegedly committing securities fraud as well as engaging in deception regarding the sale of investment products through its affiliates Abra Earn and Abra Boost.

Abra "made offers of investments in Abra Earn in Texas containing statements that were materially misleading or otherwise likely to deceive the public," the filing said, making similar claims about other Abra products. 

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