The U.S. SEC has accused BitClout founder Nader Al-Naji of fraud and violating federal securities laws, alleging he raised over $257 million through unregistered BTCLT tokens.
Launched in March 2021, BitClout allowed users to monetize short-form posts and purchase tokens tied to influencers. However, many influencers did not consent, and users faced withdrawal issues.
Despite backing from firms like Andreessen Horowitz and Coinbase, BitClout’s popularity waned due to legal challenges. The SEC’s action underscores its ongoing scrutiny of crypto projects.
For more details, visit the SEC’s official announcement: SEC Press Release.
