BitClout Founder Nader Al-Naji Charged By SEC For Fraudulent Crypto Scheme

According to Odaily, BitClout founder Nader Al-Naji has been charged by the U.S. Securities and Exchange Commission (SEC) for orchestrating a multi-million dollar fraudulent crypto asset scheme involving the social media platform BitClout and its native token. The SEC alleges that Al-Naji raised over $257 million through the unregistered issuance and sale of BTCLT, falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In reality, Al-Naji allegedly diverted more than $7 million of investor funds for personal expenses, including renting a luxury home in Beverly Hills and giving extravagant cash gifts to family members.