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SEC Charges Bitclout Founder With Multi-Million-Dollar Crypto Fraud Because One Guy Named Nader Was Too Busy Being Diamondhands to Pay His Taxes

Crypto NewsDeFiHack 2 Sam Rogers August 16, 2024

An illustration: A cartoonish figure with a diamond-shaped helmet on his head is shown running away while holding a briefcase full of money and surrounded by dollar signs; in the background, there's an image of a mansion with a red "X" marked through it. The figure has a faint Bitclout logo (a stylized letter 'B') emblazoned on its back. A small airplane is flying away from him carrying another briefcase full of money and cash gifts for family members are scattered around the ground, while in the sky there's an image of the SEC seal with a red "X" marked through it as well;

Well it seems like another day, another crypto bro busted by the authorities! I’m not surprised in the least that Nader Al-Naji’s multi-million-dollar scheme was exposed as a sham – after all, this is what happens when you try to scam people out of their hard-earned cash with promises of easy riches and get-rich-quick schemes. Bitclout (now Decentralized Social) was just another example of the crypto bros’ favorite trick: create a project that sounds vaguely impressive but has no real value, raise as much money from gullible investors as possible, and then use it for personal expenses while pretending to be some kind of decentralized genius. And let’s not forget Al-Naji’s clever move – using a pseudonym (Diamondhands) to make himself seem more mysterious and “decentralized”. What a joke! It just goes to show that these crypto bros have no shame in trying to scam people out of their money, as long as they can get away with it. I’m sure Jemima Kelly is having the last laugh right now – she’s been saying this all along

Source: bitcoin.com

SEC Charges Bitclout Founder With Multi-Million-Dollar Crypto Fraud
https://news.bitcoin.com/sec-charges-bitclout-founder-with-multi-million-dollar-crypto-fraud
The U.S. Securities and Exchange Commission (SEC) has charged Nader Al-Naji, founder of Bitclout (now Decentralized Social), with running a multi-million-dollar fraudulent crypto scheme. Al-Naji allegedly raised over $257 million through unregistered sales of Bitclout tokens (BTCLT) and used the funds for personal expenses. He attempted to evade regulatory scrutiny by portraying Bitclout as decentralized and using a pseudonym, the regulator detailed. The U.S. Securities and Exchange Commission (SEC) announced […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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