{"id":22205,"date":"2025-03-19T10:28:15","date_gmt":"2025-03-19T08:28:15","guid":{"rendered":"https:\/\/forklog.com\/en\/us-withdraws-claims-against-bitclout-founder\/"},"modified":"2025-03-19T10:28:15","modified_gmt":"2025-03-19T08:28:15","slug":"us-withdraws-claims-against-bitclout-founder","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-withdraws-claims-against-bitclout-founder\/","title":{"rendered":"US Withdraws Claims Against BitClout Founder"},"content":{"rendered":"<p>A US magistrate judge has approved a request by federal prosecutors in New York to withdraw a complaint against the founder of the <a href=\"https:\/\/forklog.com\/en\/news\/decentralised-society-and-its-enemies-can-desoc-replace-x-facebook-and-youtube\">DeSoc<\/a> project BitClout, Nader Al-Naji, without prejudice. This was reported by <a href=\"https:\/\/www.law360.com\/securities\/articles\/2311780\">Law360<\/a>, citing court documents.<\/p>\n<p>The <span data-descr=\"US Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> also filed a <a href=\"https:\/\/www.mlex.com\/mlex\/financial-crime\/articles\/2304687\/us-sec-drops-complaint-against-bitclout-founder\">motion to dismiss<\/a> civil charges against the entrepreneur in late February.<\/p>\n<p>In the summer of 2024, authorities <a href=\"https:\/\/forklog.com\/en\/news\/sec-accuses-bitclout-founder-of-fraud\">accused<\/a> Al-Naji of wire fraud and deceiving investors in his crypto project out of at least $3 million. According to the SEC, the entrepreneur used the funds &#8220;for personal expenses, including rent for a mansion in Beverly Hills and extravagant cash gifts to family members.&#8221;<\/p>\n<p>The decentralized social network BitClout tokenized profiles of popular figures on Twitter and allowed trading of these tokens, whose prices rose or fell based on the individual&#8217;s reputation.<\/p>\n<p>In September 2021, the project raised $200 million from numerous investors, including Andreessen Horowitz, Coinbase Ventures, and the Winklevoss brothers.<\/p>\n<p>Nevertheless, some experts initially criticized the social network, seeing signs of a pyramid scheme.<\/p>\n<p>Al-Naji was also behind the stablecoin project Basis, which shut down in 2018 due to regulatory challenges, returning $133 million to investors.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A US magistrate judge has approved a request by federal prosecutors in New York to withdraw a complaint against the founder of the DeSoc project BitClout, Nader Al-Naji, without prejudice. This was reported by Law360, citing court documents. The SEC also filed a motion to dismiss civil charges against the entrepreneur in late February. In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,465,26],"class_list":["post-22205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-social-media","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"75","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22205"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22204"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}