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Home»HACKING NEWS»SEC Sues BitClout Founder Nader Al-Naji for Fraud
HACKING NEWS

SEC Sues BitClout Founder Nader Al-Naji for Fraud

By Crypto FlexsAugust 1, 20242 Mins Read
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SEC Sues BitClout Founder Nader Al-Naji for Fraud
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  • Nader Al-Nazi is the founder of BitClout, a blockchain social media platform that raised $257 million through a token offering.
  • The SEC’s charges relate to violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

The U.S. Securities and Exchange Commission has charged Nader Al-Nazi (aka “Diamond Hands”) with fraud and selling unregistered securities.

Nader Al-Nazi is the founder of BitClout, a cryptocurrency social media platform that raised $257 million in its own token ICO.

Arrest of Alnaji

He reportedly told investors the money would not be used for personal purposes or paid to BitClout team members, but Alnaji spent more than $7 million of the money on personal expenses, including renting a Beverly Hills mansion. He also gave cash gifts to family members who were raided by the SEC, he said in a press release Tuesday.

“As alleged in our complaint, Alnaji sought to evade the federal securities laws and defraud the investing public, under the false impression that ‘fake’ diversification generally confuses regulators and prevents them from going after you,” Gurbir S. Grewal, director of the SEC’s Enforcement Division, said in a statement.

The SEC’s charges against Alnaji relate to violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

The US Department of Justice has also filed charges against BitClout’s founder, while the US Attorney’s Office for the Southern District of New York has announced charges against Al Naji.

‘Diamond Hands’ was arrested on Saturday, and the Justice Department scheduled him to appear in court on Monday.


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