Abra SEC Settlement (2024) event

Event · PageRank 0.0000

Overview

In August 2024 the U.S. Securities and Exchange Commission announced settled charges against Plutus Lending LLC, which operated as Abra, over its retail crypto lending product Abra Earn. The SEC alleged that Abra offered and sold Abra Earn as an unregistered security from around July 2020 and that the company operated as an unregistered investment company, with the product holding assets of roughly $600 million at its peak, including nearly $500 million from U.S. investors. Without admitting or denying the findings, Abra agreed to a permanent injunction and a $1.65 million civil penalty.

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Frequently asked questions

What was Abra Earn?

A retail crypto lending product through which U.S. investors lent their crypto assets to Abra, which generated returns from those holdings; the SEC treated it as an unregistered securities offering.

What did Abra agree to pay?

A civil penalty of $1.65 million, alongside a permanent injunction, in the settlement announced in August 2024.

How large was the product?

The SEC said Abra Earn held assets of roughly $600 million at its peak, including nearly $500 million from U.S. investors.