SEC fines Abra for unregistered crypto products
- The SEC has charged Plutus Lending LLC (Abra) with offering an unregistered crypto product called Abra Earn.
- Abra Earn allowed investors to earn interest on crypto assets but was not registered.
- At its peak, Abra Earn managed $600 million in assets, $500 million of which were from U.S. investors.
- In June 2023, Abra began winding down the program following an investigation.
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