bitclout

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has withdrawn its civil enforcement action against BitClout founder Nader Al-Naji.According to joint documents submitted to the court, the SEC and Al-Naji agreed to terminate the case, which will be permanently closed, and the regulatory agency cannot file a lawsuit on the same charges again. The SEC stated that this decision is "based on the specific facts and circumstances of the case."It is reported that the SEC had sued Al-Naji in 2024, accusing him of committing telecommunications fraud and selling unregistered securities through the crypto social network project BitClout (later associated with the decentralized social blockchain DeSo). It is alleged that he raised approximately $257 million by selling the native token BTCLT of BitClout and misappropriated over $7 million of investor funds for personal expenses, including leasing a mansion in Beverly Hills.

ChainCatcher news, according to Decrypt, court documents show that U.S. authorities have dropped charges against the founder of the decentralized social network BitClout. Last year, the federal government charged Nader Al-Naji with wire fraud, accusing him of defrauding investors of $3 million through his crypto project. The U.S. Department of Justice at the time alleged that Nader "obtained millions of dollars through lies and then gave that money to family and friends," using investors' cash for a lavish lifestyle.

CahinCatcher news, BitClout founder Nader Al-Naji was arrested last Saturday in Los Angeles on charges of telecommunications fraud in New York. On Tuesday, federal regulators filed a civil lawsuit against him. He appeared in federal court in Los Angeles on Monday and was released on bail.Previous news, BitClout founder Nader Al-Naji is accused by the U.S. Securities and Exchange Commission of implementing a fraudulent cryptocurrency scheme worth millions of dollars, involving a social media platform called BitClout and its namesake native token.

ChainCatcher news reports that, according to official sources, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against BitClout founder Nader Al-Naji, accusing him of running a fraudulent cryptocurrency scheme worth millions of dollars, involving the social media platform BitClout and its native token BTCLT. Since November 2020, Al-Naji has raised over $257 million from the unregistered BTCLT issuance and falsely informed investors that the funds would not be used for personal compensation.The SEC alleges that Al-Naji described BitClout as a decentralized project, using the alias "Diamondhands" to evade regulatory scrutiny. In reality, Al-Naji used over $7 million of investor funds for personal expenses, including renting a mansion in Beverly Hills and giving luxurious cash gifts to family members. Meanwhile, the U.S. Attorney's Office for the Southern District of New York has also brought charges against Al-Naji.