Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
SEC Sues BitClout Founder Nader Al-Naji for Fraud
Share
Facebook Twitter LinkedIn Pinterest Email
  • 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.


Share this article

category

tag

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The mindset of Retail Investors

July 3, 2025

$ 90m NOBITEX HACK: Fault by layer

July 1, 2025

Safe smart account audit summary

June 27, 2025
Add A Comment

Comments are closed.

Recent Posts

What Every Investor Should Know

July 6, 2025

Protecting Your Portfolio In A Volatile Market

July 6, 2025

A Trader’s Guide To Smarter Moves

July 6, 2025

Crypto Price Prediction Strategies – How Traders Forecast The Market

July 6, 2025

Causes, History, And How To Survive

July 6, 2025

A Guide To High-Risk, High-Reward Strategies

July 6, 2025

Ethereum MVRV has 1.20–1.25 and suggests that Market Peak is not visible.

July 6, 2025

Bitcoin holders reach $ 1 trillion in paper gains.

July 6, 2025

It flashes again in July

July 6, 2025

AAS MINER Rolls Out 2025 AI Cloud Mining Plan — Fully SEC-Compliant, Risk-Controlled, And Tailored For Crypto Enthusiasts

July 6, 2025

As Nano Labs begins to accumulate $ 1 billion, BNB gets a big supporter.

July 5, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

What Every Investor Should Know

July 6, 2025

Protecting Your Portfolio In A Volatile Market

July 6, 2025

A Trader’s Guide To Smarter Moves

July 6, 2025
Most Popular

The king of the seas welcomes you in Neptune’s champion slot.

June 12, 2024

Genzio Podcast | Paris Blockchain Week: Vault12 Crypto Inheritance and Quantum safe Encryption

May 23, 2025

Korean political parties lure voters with cryptocurrency-friendly policies

April 7, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.