Abra will open customer withdrawals following Texas settlement 

Abra held around $13.6 million worth of cryptocurrencies for 12,000 customers, according to the settlement

article-image

Abra CEO William Barhydt | Permissionless II by Blockworks

share

Abra and securities regulators in Texas reached an agreement, allowing users to withdraw funds from the platform. 

The agreement in principle requires Abra to send a check “or secure bank instrument” to clients who have holdings of $10 or more in assets on the crypto platform. 

The Texas Securities Board said that Abra, at the time that Texas took action against the company, held crypto worth around $13.6 million for around 12,000 customers. 

Read more: Abra, William Barhydt named in Texas State Securities Board cease and desist

“Existing securities laws are well equipped to protect investors purchasing traditional products such as stocks or bonds as well as new and innovative securities tied to digital assets and evolving technologies,” Commissioner Travis J. Iles said.

The announcement said that Abra and Barhydt have 30 days from the announcement of the settlement in principle to “complete its obligations.”

Any assets that are left following Abra’s notices will be converted to fiat and “directed to remaining Texas investors.”

Additionally, the terms of the settlement in principle require Barhydt to hire a chief compliance officer for “any entity he controls or is a principal of that is in the business of providing investment advice or issuing or offering securities.”

Both Abra and CEO William Barhydt received an emergency cease and desist letter from the Texas State Securities Board back in June. 

The regulator accused the crypto platform of making “offers of investments in Abra Earn in Texas containing statements that were materially misleading or otherwise likely to deceive the public.” 

Abra, in 2022, planned to launch as the first regulated crypto bank in the US. However, it made personnel cuts throughout the company after FTX collapsed and later received the cease and desist order.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

The stablecoin issuer now plans to offer 32 million Class A common stock shares at a price of up to $28 each

article-image

Let’s go whale watching, Bitcoin style: Investigating the mysterious “12ib7” wallet now worth $3.2 billion

article-image

Bitget’s L2 is undergoing a leadership change and will be helmed by Colin Goltra, formerly the blockchain’s chief growth officer

article-image

The funding was spread out across 61 rounds, a slight dip in both number of rounds and total funding in comparison to other months

article-image

Why is it controversial to say things are better than they used to be?

article-image

Wallchain could make influencer ROI more measurable for Solana businesses