New Jersey Regulators Urge Cryptocurrency Investors to Withdraw from Abra

New Jersey Attorney General Matthew J. Platkin, the Division of Consumer Affairs, and the New Jersey Bureau of Securities announced on Monday that investors in the state should immediately withdraw funds from the crypto trading and lending platform Abra. Previously, several states in the U.S. investigated the company for selling interest-bearing accounts, which allegedly violated state securities laws. Abra, led by CEO William John "Bill" Barhydt, raised over $116.00 million nationwide, including $2.97 million from investors in New Jersey. New Jersey regulators detailed that an investigation initiated by the Texas State Securities Board led to Abra gradually winding down its operations in the U.S. Acting Director of the Division of Consumer Affairs, Cari Fais, stated: "The agreement announced today requires Abra to return the funds it raised through the illegal sale of unregistered securities in our state. These funds belong to investors in New Jersey, and we aim to ensure that investors get them back." (Bitcoin.com)