New Jersey regulators urge cryptocurrency investors to withdraw funds from Abra

ChainCatcher News, New Jersey (NJ) 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 cryptocurrency trading and lending platform Abra.

Prior to this, the company was under a multi-state investigation for allegedly violating state securities laws by selling interest-bearing accounts. Abra has raised over $116 million nationwide, including $2.97 million from investors in New Jersey. The investigation led by the Texas State Securities Board has resulted in Abra gradually scaling back its U.S. operations.

According to the terms of the agreement, virtual assets in accounts on the New Jersey Abra platform will be converted to U.S. dollars, and investors will be issued refund checks for amounts of $10 or more. Amounts less than $10 will remain on the platform for investors to withdraw.