US SEC Withdraws Lawsuit Against BitClout Founder Nader Al-Naji, $257 Million Financing Case Concludes

MarsBitNews · 2026-03-16T12:26:36+00:00

The U.S. Securities and Exchange Commission has withdrawn its civil enforcement action against BitClout founder Nader Al-Naji, with the case permanently closed and the SEC barred from refiling the same charges. This decision was based on the specific circumstances of the case. Al-Naji had previously been prosecuted for telecom fraud and unregistered securities sales.

MarsBitNews

2026-03-16 12:26:36

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Mars Finance News: The U.S. Securities and Exchange Commission (SEC) has dismissed the civil enforcement lawsuit against Nader Al‑Naji, founder of BitClout. According to joint filings submitted to the court, the SEC and Al-Naji have agreed to terminate the case, which will be permanently closed, and the regulator will not file any further lawsuits based on the same allegations. The SEC stated that this decision is “based on the specific facts and circumstances of the case.” It is reported that the SEC had sued Al-Naji in 2024, accusing him of telecommunication fraud and selling unregistered securities through the crypto social network project BitClout (later related to the decentralized social blockchain DeSo). It is alleged that he raised approximately $257 million by selling the native token BTCLT of BitClout and is suspected of using over $7 million of investor funds for personal expenses, including leasing a mansion in Beverly Hills.

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