Nader Al-Naji allegedly misappropriated $7 million of investor funds.
He was arrested last Saturday.
BitClout's founder Nader Al-Haji talking to The Best Business Show; Source: YouTube
The US Securities and Exchange Commission (SEC) and Department of Justice (DoJ) charged Nader Al-Naji, the founder of the crypto social media platform BitClout, with wire fraud and the sale of unregistered securities. He was arrested last Saturday and presented before a California judge on Monday.
The Controversial BitClout Platform
According to the announcement yesterday (Tuesday), Al-Naji, known by his pseudonym “Diamondhands,” raised more than $257 million from unregistered offers and sales of BTCLT, BitClout's native token. He allegedly misappropriated $7 million of investor funds for personal expenditures, including rental payments for a Beverly Hills mansion and extravagant cash gifts to family members.
BitClout made waves following its launch in 2021 as an alternative to centralized social media platforms. The platform controversially added profiles of celebrities and people with large followings by copying their publicly available photos and data, mostly from X (formerly Twitter). At that time, Al-Naji received a cease-and-desist letter from law firm Anderson Kill, claiming that the project's use of data without consent violated California’s laws.
The SEC’s announcement further alleged that Al-Naji portrayed BitClout as a decentralised project with “no company behind it” and launched it under a pseudonym to avoid regulations.
Heavy Charges against the Founder
The SEC charged Al-Naji with violating the registration and anti-fraud provisions of the Securities Act of 1933 and the anti-fraud provisions of the Securities Exchange Act of 1934. The SEC’s complaint also named Al-Naji’s family, including his wife and mother, as he transferred investor funds to them.
In parallel, the DoJ charged the BitClout founder with one count of wire fraud, which carries a maximum prison sentence of 20 years.
Gurbir Grewal, Director of the SEC’s Division of Enforcement
“As alleged in our complaint, Al-Naji attempted to evade the federal securities laws and defraud the investing public, mistakenly believing that being 'fake' decentralized generally confuses regulators and deters them from going after you,” said Gurbir Grewal, Director of the SEC’s Division of Enforcement.
“He is obviously wrong: as we have shown time and again, and as reflected in the SEC’s detailed allegations here, we are guided by economic realities, not cosmetic labels. The dedicated staff of the SEC uncovered Al-Naji’s lies and will now hold him accountable for misleading investors,” Grewal assured.
The US Securities and Exchange Commission (SEC) and Department of Justice (DoJ) charged Nader Al-Naji, the founder of the crypto social media platform BitClout, with wire fraud and the sale of unregistered securities. He was arrested last Saturday and presented before a California judge on Monday.
The Controversial BitClout Platform
According to the announcement yesterday (Tuesday), Al-Naji, known by his pseudonym “Diamondhands,” raised more than $257 million from unregistered offers and sales of BTCLT, BitClout's native token. He allegedly misappropriated $7 million of investor funds for personal expenditures, including rental payments for a Beverly Hills mansion and extravagant cash gifts to family members.
BitClout made waves following its launch in 2021 as an alternative to centralized social media platforms. The platform controversially added profiles of celebrities and people with large followings by copying their publicly available photos and data, mostly from X (formerly Twitter). At that time, Al-Naji received a cease-and-desist letter from law firm Anderson Kill, claiming that the project's use of data without consent violated California’s laws.
The SEC’s announcement further alleged that Al-Naji portrayed BitClout as a decentralised project with “no company behind it” and launched it under a pseudonym to avoid regulations.
Heavy Charges against the Founder
The SEC charged Al-Naji with violating the registration and anti-fraud provisions of the Securities Act of 1933 and the anti-fraud provisions of the Securities Exchange Act of 1934. The SEC’s complaint also named Al-Naji’s family, including his wife and mother, as he transferred investor funds to them.
In parallel, the DoJ charged the BitClout founder with one count of wire fraud, which carries a maximum prison sentence of 20 years.
Gurbir Grewal, Director of the SEC’s Division of Enforcement
“As alleged in our complaint, Al-Naji attempted to evade the federal securities laws and defraud the investing public, mistakenly believing that being 'fake' decentralized generally confuses regulators and deters them from going after you,” said Gurbir Grewal, Director of the SEC’s Division of Enforcement.
“He is obviously wrong: as we have shown time and again, and as reflected in the SEC’s detailed allegations here, we are guided by economic realities, not cosmetic labels. The dedicated staff of the SEC uncovered Al-Naji’s lies and will now hold him accountable for misleading investors,” Grewal assured.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
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#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
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-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
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#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
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This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
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-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
