Abra Kadabra! Your money is gone!

Regulators say crypto lender Abra is insolvent and lied about FTX exposure: https://protos.com/regulators-say-crypto-lender-abra-is-insolvent-and-lied-about-ftx-exposure/

The Texas State Securities Board has taken urgent legal action against cryptocurrency lender Abra, seeking a cease and desist order. The board alleges that Abra has been insolvent since at least March 31 and has sold unregistered securities. They claim that Abra misrepresented its licensure and the extent of its partner organization's licensure. The board specifically targets Abra's 'Earn' product, considering it a security. Abra allegedly directed Texas investors to open accounts at Prime Trust, misrepresenting it as a regulated company despite lacking a license in Texas. Abra also allegedly misrepresented its exposure to FTX and had significant outstanding loans, contributing to its insolvency. Abra settled with the CFTC and SEC previously for offering unauthorized swaps. Texas regulators seek the return of funds to Texas investors and an immediate halt to Abra's offering of such products in the state.