The Securities and Exchange Commission (SEC) has charged Plutus Lending LLC, operating as Abra, with offering and selling unregistered crypto asset securities through its lending product, Abra Earn. The SEC claims that Abra raised nearly $500 million from U.S. investors without proper registration, with some reports suggesting the figure could be as high as $600 million. Abra has agreed to settle the charges with the SEC, although the exact amount of the monetary penalties is yet to be determined. The SEC also accused Abra of operating as an unregistered investment company. Abra Earn, which allowed U.S. investors to tender their crypto assets in exchange for returns, was wound down for U.S. users, and all assets plus interest were returned to customers.