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The SEC and DOJ have charged Nader Al-Naji, founder of the BitClout blockchain protocol, with fraud, wire fraud, and the unregistered offering of crypto asset securities. Al-Naji allegedly orchestrated a multi-million-dollar fraudulent scheme, raising over $257 million from investors. He is accused of using more than $7 million of these funds for personal expenditures, including luxury home rentals and extravagant gifts. The SEC claims Al-Naji made false representations about the project's decentralization and control over investment funds. Al-Naji was arrested on Saturday and presented to a California magistrate judge. The case also highlights significant investments from prominent firms like a16z, Sequoia, Winklevoss Capital, and Social Capital.
Today we charged Nader Al-Naji with perpetrating a multi-million-dollar fraudulent crypto asset scheme involving a social media platform called BitClout and its native token of the same name.
BITCLOUT FOUNDER CHARGED WITH WIRE FRAUD AND SECURITIES VIOLATIONS - The SEC and DOJ have charged Nader Al-Naji, founder of BitClout, with wire fraud and selling unregistered securities. - Al-Naji raised approximately $257 million from the sale of BitClout’s native token,… https://t.co/T8ozFk2Q4S https://t.co/4bU5io6tXT
I got some juicy details about Nader Al-Naji, the founder of BitClout, who the SEC charged with fraud today. Since 2021, he’s boasted about the array of top tier investors that backed the company, like a16z, Sequoia, Winklevoss Capital and Social Capital.
