According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against BitClout founder Nader Al-Naji, accusing him of a multi-million dollar fraudulent crypto asset scheme involving the social media platform BitClout and its native token BTCLT. Since November 2020, Al-Naji has raised more than $257 million from unregistered BTCLT offerings and falsely informed investors that the funds would not be used for personal compensation.