Is crypto lender Abra insolvent?

Crypto lender Abra has been insolvent since at least March 31, 2023, state securities regulators alleged on Thursday.

Is Abra the crypto industry's first regulated bank?

Abra CEO Bill Barhydt speaks at SALT NY in 2022 (CoinDesk). Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Crypto services company Abra said Monday it is in the process of launching Abra Bank, a U.S. state-chartered institution and, potentially, the crypto industry's first regulated bank.

How much money did Abra hold on a bankrupt platform?

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy State regulators say Abra held tens of millions of dollars' worth of assets on now bankrupt platforms. Crypto lender Abra has been insolvent since at least March 31, 2023, state securities regulators alleged on Thursday.

Was Abra insolvent?

On March 31, 2023, regulators interviewed Barhydt and shared information suggesting Abra was insolvent. "Barhydt did not contest the conclusion," the filing said. "At least as of the date of the interview, parties collectively operating as Abra were or were nearly insolvent," the filing said.