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Zack Abrams

SEC drops civil fraud lawsuit against BitClout and DeSo founder Nader Al-Naji with prejudice

The U.S. Securities and Exchange Commission has filed a joint stipulation in the Southern District of New York to dismiss its civil fraud case against BitClout and DeSo founder Nader Al-Naji with prejudice, permanently barring refiling of the same claims. The SEC had sued Al-Naji in July 2024 over more than $257 million in alleged unregistered BTCLT token sales and accusations that over $7 million of investor funds were used for personal expenses, while a related criminal wire fraud complaint brought by federal prosecutors was previously withdrawn without prejudice.
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