The founder and promoter of BitClout, Nader Al-Naji, has been arrested and charged with wire fraud in connection with an alleged scheme to defraud investors out of millions dollars, according to a DOJ press release issued Tuesday.
BitClout bills itself as a social media and cryptocurrency trading platform with no company, “just code and coins.”
To solicit investments, Al-Naji told investors he would use Bitcoin raised from selling BitClout to develop the BitClout protocol, prosecutors say. In doing so, he allegedly claimed his entity’s role was to purchase BitClout tokens from the protocol, disclaiming control over the funds once the ...
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