BitClout founder Nader Al-Naji has been charged by the United States Securities and Exchange Commission (SEC) with implementing a multimillion-dollar fraudulent crypto-asset scheme involving a social media platform called BitClout and its namesake native token, BTCLT.
The United States Securities and Exchange Commission alleges that Al-Naji raised more than $257 million through an unregistered BTCLT offering and sale, while falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In fact, Al-Naji spent more than $7 million in investor funds on personal expenses, such as paying rent for a Beverly Hills mansion and extravagant cash gifts for his family
BitClout founder Nader Al-Naji has been charged by the United States Securities and Exchange Commission (SEC) with implementing a multimillion-dollar fraudulent crypto-asset scheme involving a social media platform called BitClout and its namesake native token, BTCLT.
The United States Securities and Exchange Commission alleges that Al-Naji raised more than $257 million through an unregistered BTCLT offering and sale, while falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In fact, Al-Naji spent more than $7 million in investor funds on personal expenses, such as paying rent for a Beverly Hills mansion and extravagant cash gifts for his family
Love and peace.
Love and peace.
