The Securities Exchange Commission (SEC) and the Department of Justice (DOJ) have charged Nader Al-Naji with orchestrating a multi-million dollar crypto asset fraud scheme involving social media platform BitClout and its native token, BTCLT. The complaint from the U.S. securities regulator shows that in November 2020, Al-Naji raised more than $257 million through unregistered BTCLT offerings and sales. In the process, the executive allegedly misled investors by claiming that the funds would not be used for his or other BitClout employees' compensation. Al-Naji described BitClout as a decentralized project to evade regulatory scrutiny and give the impression that there was no company behind it, the Securities Exchange Commission said.