Top Tweets for #Bitclout
📑 The SEC has formally dismissed its enforcement case against #BitClout founder Nader Al-Naji with prejudice, blocking refiling of the same charges.
The 2024 complaint alleged $257M+ raised in BTCLT token sales and $7M+ used for personal expenses (e.g., Beverly Hills rent, family gifts).
Al-Naji, also behind the DeSo #Blockchain, waives any claim for fee reimbursement; related relief defendants are covered by the dismissal.
The move comes alongside the SEC’s crypto task force work and is framed as specific to this case not a universal precedent for #Crypto enforcement.
Read more👇
https://t.co/bZUcwKTGL8
#CryptoRegulation #SEC #BitClout #DeSo @desoprotocol @nadertheory @SECGov
🧑⚖️ ABD Menkul Kıymetler ve Borsa Komisyonu (#SEC), #BitClout’un kurucusu Nader Al-Naji’ye karşı iki yıldır devam eden davayı delil kayıtlarının yeniden değerlendirilmesi sonrasında düşürdü.
Komisyonun davayı “with prejudice” şeklinde kapatması, aynı suçlamalarla davanın yeniden açılamayacağı anlamına geliyor.
🚨 New: U.S. Securities and Exchange Commission has dropped its two-year case with prejudice against Nader Al‑Naji, founder of BitClout, after reassessing the evidentiary record.
#SEC #Crypto #BitClout #Regulation #Markets
🚨 BREAKING: SEC DROPS TWO-YEAR CASE AGAINST BITCLOUT FOUNDER NADER AL-NAJI WITH PREJUDICE, CITING REASSESSMENT OF EVIDENTIARY RECORD
#BitClout #CryptoNews #SEC #Blockchain #BreakingNews
📰 SEC Drops BitClout Case
SEC dismisses civil fraud case against BitClout founder. Case had alleged $7M in misused funds.
Verdict: SIGNAL ◆ Regulatory clarity impacts crypto funding
---
Source: The Block
#cryptoregulation #SEC #BitClout
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U.S. Authorities Drop Fraud Charges Against BitClout Founder | @CONTENT_EDMedia
#crypto #cryptocurrency #cryptonews #bitclout
https://t.co/1LlJytlmR5
🚨 JUST IN: SEC & DOJ drop fraud case against BitClout founder Nader Al-Naji! 🏛
⬇️ Big win for crypto or just lucky?
#Crypto #BitClout #DeSo #Web3 #Regulation
@CryptosR_Us @CryptosR_Us Huge win for crypto innovation! Nader Al-Naji cleared by DOJ & SEC could spark a rally for BitClout & DeSo. Bullish on the future of decentralized social—investor confidence is soaring! #Crypto #BitClout
THREAD TIME!
- If you havent heard about $deso formally known as #bitclout heres a facts based thread and ill give you my opinion at the end.
any old #bitclout folks or #deso folks want to contribute please do !!
🧵 The Rise & Fall of BitClout, DeSo, & OpenFund: A Crypto Drama
1/
March 2021:
Nader Al-Naji (aka "Diamondhands") launches BitClout, where users buy tokens tied to public figures. 🚀
The platform collects ~$170M worth of Bitcoin during its launch.
🚨 There were early suspicions that insiders controlled large alt accounts to manipulate token values—though unconfirmed.
Sources: [34†source], [42†source], [45†source]
2/
May 2021:
BitClout faces backlash for scraping 15,000 Twitter profiles without consent. To ease criticism, the code goes open-source. NFTs are added in July, but trust issues persist around the project’s ethics.
3/
September 2021:
BitClout rebrands to DeSo (Decentralized Social), securing $200M from a16z, Coinbase Ventures, and others. 💰
However, the negative reputation lingers, making it tough for DeSo to build momentum.
Sources: [42†source], [44†source]
4/
March 2024:
DeSo rolls out OpenFund, a tool for decentralized crowdfunding.
But doubts remain about the platform’s governance, with critics questioning whether it was ever truly decentralized. 🧵
Sources: [45†source]
5/
How Did the Blockchain Work?
The SEC alleged that, despite marketing itself as decentralized, Al-Naji controlled operations behind the scenes.
There were also public suspicions of alt accounts inflating token prices—though these remain unverified.
Sources: [35†source], [45†source]
6/
July 2024:
🔥 The SEC and DOJ file fraud charges against Al-Naji. Allegations include:
Raising $257M through unregistered securities
Spending $7M on personal luxuries, including a Beverly Hills mansion 🏠
Misrepresenting how funds would be used
⚠️ These are allegations and not yet proven in court.
Sources: [33†source], [36†source]
7/
Regulatory Problems:
The SEC claims Al-Naji misclassified BTCLT tokens, trying to avoid registration requirements. They found central control, triggering securities laws despite the "decentralized" branding.
Sources: [43†source], [44†source]
8/
TL;DR:
BitClout: Controversial launch with ethical issues
DeSo: Rebrand struggles to regain trust
OpenFund: Ambitious project, derailed by fraud charges
Al-Naji’s vision of decentralized social media has become a cautionary tale of governance failures and legal scrutiny. 📉
And now hes trying to rebrand AGAIN !!!!!!!!!
MY OPINON OF WHAT HAPPENED
As i was there from the begining...
I think some dork got lucky and raised way more money than he thought on a stupid social blockchain that he thought he had the technical know how to achieve some decentralized social media layer 1 then grifted the fucking shit out of it.
and now he will pay the government all the money the people lost to his grift.
THE END
![CLOUT_COCKS's tweet photo. THREAD TIME!
- If you havent heard about $deso formally known as #bitclout heres a facts based thread and ill give you my opinion at the end.
any old #bitclout folks or #deso folks want to contribute please do !!
🧵 The Rise & Fall of BitClout, DeSo, & OpenFund: A Crypto Drama
1/
March 2021:
Nader Al-Naji (aka "Diamondhands") launches BitClout, where users buy tokens tied to public figures. 🚀
The platform collects ~$170M worth of Bitcoin during its launch.
🚨 There were early suspicions that insiders controlled large alt accounts to manipulate token values—though unconfirmed.
Sources: [34†source], [42†source], [45†source]
2/
May 2021:
BitClout faces backlash for scraping 15,000 Twitter profiles without consent. To ease criticism, the code goes open-source. NFTs are added in July, but trust issues persist around the project’s ethics.
3/
September 2021:
BitClout rebrands to DeSo (Decentralized Social), securing $200M from a16z, Coinbase Ventures, and others. 💰
However, the negative reputation lingers, making it tough for DeSo to build momentum.
Sources: [42†source], [44†source]
4/
March 2024:
DeSo rolls out OpenFund, a tool for decentralized crowdfunding.
But doubts remain about the platform’s governance, with critics questioning whether it was ever truly decentralized. 🧵
Sources: [45†source]
5/
How Did the Blockchain Work?
The SEC alleged that, despite marketing itself as decentralized, Al-Naji controlled operations behind the scenes.
There were also public suspicions of alt accounts inflating token prices—though these remain unverified.
Sources: [35†source], [45†source]
6/
July 2024:
🔥 The SEC and DOJ file fraud charges against Al-Naji. Allegations include:
Raising $257M through unregistered securities
Spending $7M on personal luxuries, including a Beverly Hills mansion 🏠
Misrepresenting how funds would be used
⚠️ These are allegations and not yet proven in court.
Sources: [33†source], [36†source]
7/
Regulatory Problems:
The SEC claims Al-Naji misclassified BTCLT tokens, trying to avoid registration requirements. They found central control, triggering securities laws despite the "decentralized" branding.
Sources: [43†source], [44†source]
8/
TL;DR:
BitClout: Controversial launch with ethical issues
DeSo: Rebrand struggles to regain trust
OpenFund: Ambitious project, derailed by fraud charges
Al-Naji’s vision of decentralized social media has become a cautionary tale of governance failures and legal scrutiny. 📉
And now hes trying to rebrand AGAIN !!!!!!!!!
MY OPINON OF WHAT HAPPENED
As i was there from the begining...
I think some dork got lucky and raised way more money than he thought on a stupid social blockchain that he thought he had the technical know how to achieve some decentralized social media layer 1 then grifted the fucking shit out of it.
and now he will pay the government all the money the people lost to his grift.
THE END](https://pbs.twimg.com/media/Ga1ZPr0aIAEYdD4.jpg)
#SlugsOfa16z strikes again.
#a16z predators are the worst.
No shocker Sequoia was in on it too.
#BitClout is just one more graveyard of abject fraud backed by crypto venture capitalists who love destroying retail investors.
interesting piece in Fortune about the recently arrested CEO of the 9 figure #BitClout scam which was was backed by both #a16z and #SequoiaCapital. In particular BitClout was favored by Sequoia's Sociopath-In-Residence Shaun Maguire.
#slugsofa16z @liron https://t.co/ltjp3E2cKi
interesting piece in Fortune about the recently arrested CEO of the 9 figure #BitClout scam which was was backed by both #a16z and #SequoiaCapital. In particular BitClout was favored by Sequoia's Sociopath-In-Residence Shaun Maguire.
#slugsofa16z @liron https://t.co/ltjp3E2cKi
4/8: Populaire #SocialFi-platforms zoals #BitClout en #DeSo geven content creators meer #vrijheid én #financiële mogelijkheden.
🖼️#BlockchainTechnology
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