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BitClout founder Nader Al-Naji is facing serious charges from the US Securities and Exchange Commission (SEC). The SEC alleges that Al-Naji misappropriated $257 million in funds by selling unregistered securities through the BitClout project. It is also stated that Al-Naji, while claiming to investors that the project was decentralized, actually controlled the project and misled regulators.
According to the SEC's statement, it is stated that Al-Naji gave personal luxury items and large amounts of cash gifts to his family members and took steps in this direction despite promising investors that such expenses would not be made. In particular, it is stated that expenses such as renting a mansion in Beverly Hills strengthen the accusations of abusing investors' trust.
In addition to BitClout, Al-Naji's new project, Decentralized Social (DeSo), is also on the SEC's radar. According to the SEC, Al-Naji tried to avoid regulatory scrutiny by promoting this project as decentralized.
Although Al-Naji and his lawyers have not yet officially responded to these accusations, the SEC's complaint and allegations could have serious consequences. The SEC is taking significant steps to investigate the legal liability of Al-Naji and other related parties and, if necessary, punish them.
These developments could lead to broader discussions about regulation and investor protection in the cryptocurrency world.
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