Recently, Nader Al-Naji, the creator of BitClout, has been charged by the U.S. Securities and Exchange Commission (SEC). The SEC claims that Al-Naji orchestrated a multi-million dollar fraudulent cryptocurrency scheme involving the creation of social media platform BitClay and its native token BTCLT. According to the SEC, Al-Naji raised over $257 million through unregistered sales of BTCLT, promising that none of these funds would be used to compensate himself or other BitClay employees. In reality, however, Al-Naji diverted more than $7 million in investor funds for personal expenses, including renting a mansion in Beverly Hills and lavish cash gifts to his family.