BitClout founder Nader Al-Naji has been charged by the SEC and DoJ with wire fraud and securities violations for allegedly misusing $257 million in investor funds.
SEC Allegations
Another day, another SEC lawsuit. The latest crypto entity under the regulator’s crosshairs is the Web3-based social media platform BitClout. The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DoJ) have jointly charged BitClout’s founder, Nader Al-Naji, with wire fraud and the sale of unregistered securities.
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, accuses Al-Naji, known pseudonymously as “Diamondhands,” of raising approximately $257 million through the sale of BitClout’s native token, BTCLT. The SEC alleges that Al-Naji misappropriated investor funds, spending over $7 million on personal expenses, including rent for a Beverly Hills mansion and lavish gifts to family members.
Misleading Investors
Accordin
We współpracy z: https://cryptodaily.co.uk/2024/07/sec-charges-bitclout-founder-with-misusing-investor-funds
