Abra to open withdrawals after reaching settlement with Texas regulators

According to CoinDesk, officials from the Texas State Securities Board settled a lawsuit against Abra on Monday, paving the way for the crypto lending firm's investors to retrieve funds previously frozen. The Texas securities commissioner said in a notice to consumers that under the terms of the settlement, Abra must allow around 12,000 investors to claim the cryptocurrency they had held in interest-bearing accounts such as Abra Boost and Abra Earn. The notice showed that these funds, worth about $13.6 million last summer, had been locked up on the company's platform.The Texas State Securities Board said that if the agreement is fulfilled, it would eliminate a series of enforcement actions against Abra for offering its Earn and Boost investment products in near-insolvency. The regulator has claimed that both products are securities, meaning their registration falls under the board's purview. According to the notice, Abra must also open withdrawals within the next 30 days, in addition to fulfilling other provisions outlined in the agreement. Abra customers with balances over $10 will receive instructions on how to withdraw their funds from their accounts, which must be completed within a seven-day window. Any unclaimed funds, according to the terms of the settlement, will be converted to U.S. dollars and sent as checks to Texas investors.