Atlanta, Georgia – On August 26, 2024, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt. The Consent Order was entered to resolve certain Orders to Cease and Desist that were issued for engaging in unlicensed money transmission and to facilitate the return of funds held by Abra to affected Georgia consumers.

Under the terms of the Consent Order, Abra is required to convert any outstanding virtual currency assets owned by Georgia consumers into fiat currency, and Abra must send a cashier’s check for said amount to the last known mailing address of the Georgia consumer within 60 days of the effective date of the Consent Order, and the checks shall be valid for no less than 60 days. The Consent Order further stipulates that Bill Barhydt will not participate in any capacity in the business or affairs of any money transmitter or money services business licensed or required to be licensed in Georgia other than as a passive investor for five years.

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