BitClout founder Nader Al-Naji has been charged by the Securities Exchange Commission with running a multi-million dollar fraudulent crypto asset scheme involving a social media platform called BitClout and its namesake native token, BTCLT. The Securities Exchange Commission alleged that Al-Naji raised more than $257 million through unregistered BTCLT offerings and sales, while falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In fact, Al-Naji used more than $7 million of investor funds for personal expenses, such as paying rent on a Beverly Hills mansion and lavish cash gifts for his family.