The post BitClout Founder Charged with Multi-Million Dollar Crypto Fraud appeared first on Coinpedia Fintech News
Nader Al-Naji, the founder of BitClout, now known as Decentralized Social (DeSo), is facing serious charges. The SEC and the US Attorney’s Office for the Southern District of New York have charged him with fraud and selling unregistered securities.
Misuse of Funds and False Claims
The SEC claims Al-Naji raised $257 million through BitClout’s native token, BTCLT. He allegedly misused $7 million out of these funds for personal expenses. He even used this money for renting a Beverly Hills mansion along with giving cash gifts to family members. Despite promising that funds would not be used to compensate BitClout team members, Al-Naji reportedly spent lavishly on personal luxuries.
Deceptive Practices and Investor Misleading
Al-Naji’s actions were beyond financial misuse. The SEC alleges he misled investors by falsely presenting BitClout as a decentralized pr
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