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{"actor":"system:backfill","investigation_id":"c5158d5d-3e76-4e24-940a-73a36df0628e","kind":"publish","page_slug":"bitclout-deso-nader-al-naji","published_at":"2026-06-02T23:06:38.400Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"BitClout / DeSo / Nader Al-Naji","sections":[{"content":"Nader Al-Naji graduated from Princeton University in 2014 with a B.S.E. in Computer Science, where he was also a member of the lightweight rowing team. He interned at D.E. Shaw & Co. as a quantitative software engineer before joining Google as an engineer on the Ads team, a role he held until approximately 2017. Before BitClout, Al-Naji co-founded Basis (initially known as Basecoin), an algorithmic stablecoin project that raised $133 million from investors including Andreessen Horowitz, Bain Capital Ventures, and prominent financiers. Basis shut down in December 2018, citing U.S. regulatory constraints; the unused capital was returned to investors. Al-Naji returned to the public eye in 2021 as 'Diamondhands,' the pseudonymous founder of BitClout. He revealed his identity as the creator of the DeSo blockchain in September 2021.","heading":"Background and Founders","severity":"low","sources":[{"credibility":2,"name":"Fortune: Former Princeton rower Nader Al-Naji charged with BitClout crypto fraud","type":"news_article","url":"https://fortune.com/crypto/2024/07/30/feds-arrest-princeton-grad-diamondhands-who-raised-257-million-for-fake-crypto-social-media-site/"},{"credibility":2,"name":"TechCrunch: Basis backed with $133 million shuts down","type":"news_article","url":"https://techcrunch.com/2018/12/13/basis-backed-with-133-million-from-top-vcs-to-build-a-price-stable-cryptocurrency-says-its-shutting-down-and-returning-the-money/"},{"credibility":2,"name":"CoinDesk: Basis Stablecoin Confirms Shutdown, Blaming Regulatory Constraints","type":"news_article","url":"https://www.coindesk.com/markets/2018/12/13/basis-stablecoin-confirms-shutdown-blaming-regulatory-constraints"}]},{"content":"BitClout's blockchain created its first block in January 2021 and the platform launched publicly in late March 2021. The platform allowed users to post short-form content, tip creators with a diamond system, and buy and sell 'creator coins' — personalized tokens whose price was algorithmically determined by a bonding curve based on outstanding supply. BitClout's native token, BTCLT, was required to use the platform and could only be purchased with Bitcoin through a one-way atomic swap mechanism that had no on-platform path to convert back to Bitcoin, effectively trapping user funds on the site. Critics noted this design choice at launch; approximately $184 million in Bitcoin had reportedly entered the platform with no withdrawal mechanism. At launch, BitClout automatically scraped and created tradeable profiles for approximately 15,000 prominent Twitter users — including Elon Musk — without their knowledge or consent, generating immediate controversy. Within days, law firm Anderson Kill sent a cease-and-desist letter to Al-Naji on behalf of Radar Relay product lead Brandon Curtis, alleging violations of California Civil Code Sections 3344 (right of publicity) and 1798 (right to privacy). The platform's pre-mine of approximately 2 million BTCLT tokens for founders and investors was disclosed by 'Diamondhands' at the time, though the identity behind that pseudonym was not. The BTCLT token reached an all-time high of approximately $198.68. Seed investors in the BitClout project included Andreessen Horowitz ($3 million), Sequoia ($1 million), Coinbase Ventures, Winklevoss Capital, Social Capital, Polychain, Pantera, and Digital Currency Group.","heading":"Platform History: BitClout Launch and Controversy (2021)","severity":"medium","sources":[{"credibility":2,"name":"CoinDesk: What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter","type":"news_article","url":"https://www.coindesk.com/tech/2021/03/22/what-is-bitclout-the-social-media-experiment-sparking-controversy-on-twitter"},{"credibility":2,"name":"Nasdaq/CoinDesk: BitClout Alleged Leader Hit With Cease-and-Desist by Prominent Crypto Law Firm","type":"news_article","url":"https://www.nasdaq.com/articles/bitclouts-alleged-leader-hit-with-cease-and-desist-by-prominent-crypto-law-firm-2021-03-23"},{"credibility":2,"name":"TechCrunch: SEC charges BitClout founder Nader Al-Naji","type":"news_article","url":"https://techcrunch.com/2024/07/30/sec-charged-crypto-founder-bitclout-startup-backed-by-a16z-sequoia/"},{"credibility":3,"name":"Amy Castor: BitClout's social media experiment is one bad idea on top of another","type":"other","url":"https://amycastor.com/2021/03/28/bitclouts-social-media-experiment-is-one-bad-idea-on-top-of-another/"}]},{"content":"In September 2021, Al-Naji revealed his identity publicly and announced that BitClout had been a prototype built on an underlying layer-1 blockchain he was formally naming 'DeSo' (Decentralized Social). The DeSo blockchain was positioned as infrastructure for decentralized social media applications, with the $200 million-plus in accumulated treasury transferred to the newly formalized DeSo Foundation, a nonprofit entity. The DeSo blockchain subsequently listed on Coinbase, accumulated over 1.5 million accounts, and crossed $1 billion in reported on-chain volume. The foundation launched additional products including Openfund, a social-first web3 fundraising platform. As of early 2026, the DeSo Foundation reports approximately 23 employees and the blockchain remains actively developed.","heading":"DeSo Rebrand and Expansion (September 2021)","severity":"low","sources":[{"credibility":2,"name":"The Block: BitClout creator launches Decentralized Social blockchain with $200 million in funding from a16z","type":"news_article","url":"https://www.theblock.co/post/118133/bitclout-creator-decentralized-social-blockchain-200-million-funding-a16z-others"},{"credibility":2,"name":"CoinDesk: Nader Al-Naji (Formerly Known as Diamondhands) Unveils Long-Term Plan for BitClout Blockchain","type":"news_article","url":"https://www.coindesk.com/business/2021/09/21/nader-al-naji-fka-diamondhands-unveils-new-blockchain-long-term-plan-for-bitclout"},{"credibility":2,"name":"DeSo official website","type":"official","url":"https://www.deso.com/"}]},{"content":"On or around July 30, 2024, the U.S. Securities and Exchange Commission and the U.S. Department of Justice filed parallel civil and criminal actions against Nader Al-Naji in the U.S. District Court for the Southern District of New York (SEC case 1:24-cv-05738). The SEC named Al-Naji as primary defendant and listed Buse Desticioğlu Al-Naji (his wife), Joumana Bahouth Al-Naji (his mother), Intangible Holdings LLC, Firestorm Media LLC, Viridian City LLC, and the DeSo Foundation as relief defendants. The SEC alleged that Al-Naji raised more than $257 million through unregistered sales of the BTCLT token while deliberately concealing his identity behind the 'Diamondhands' pseudonym to portray the project as decentralized and leaderless — specifically repeating to investors and the public that BitClout had 'no company behind it... just coins and code.' The commission further alleged that Al-Naji controlled key aspects of the platform, including token creation, pricing, and the master treasury wallet, and that he obtained a favorable legal opinion from a law firm by misrepresenting the project's nature, then used that opinion to attract venture capital. The SEC alleged he diverted more than $7 million of investor proceeds to personal expenditures, including rent on a Beverly Hills mansion and large cash gifts to family members. Al-Naji's representatives countered that the property in question also housed company employees and served business purposes. The parallel DOJ criminal complaint charged Al-Naji with one count of wire fraud, which carries a maximum sentence of 20 years in prison. The FBI arrested Al-Naji in connection with the charges.","heading":"SEC and DOJ Charges (July 2024)","severity":"critical","sources":[{"credibility":1,"name":"SEC Press Release 2024-91: SEC Charges Nader Al-Naji with Fraud and Unregistered Offering of Crypto Asset Securities","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-91"},{"credibility":1,"name":"SEC Litigation Release LR-26499 listing all defendants","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26499"},{"credibility":1,"name":"SEC Complaint: United States District Court SDNY (PDF)","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-91.pdf"},{"credibility":2,"name":"CoinDesk: BitClout Founder Charged With Wire Fraud, Civil Securities Charge","type":"news_article","url":"https://www.coindesk.com/policy/2024/07/30/bitclout-founder-charged-with-wire-fraud-civil-securities-charge"},{"credibility":2,"name":"TechCrunch: SEC charges BitClout founder Nader Al-Naji with fraud","type":"news_article","url":"https://techcrunch.com/2024/07/30/sec-charged-crypto-founder-bitclout-startup-backed-by-a16z-sequoia/"},{"credibility":2,"name":"Blockworks: SEC, DOJ charge BitClout founder Nader Al-Naji","type":"news_article","url":"https://blockworks.co/news/sec-doj-charge-bitclout-creator-crypto-fraud-social-media"},{"credibility":2,"name":"Fortune: How Princeton rower Diamondhands conned Silicon Valley's most famous firm twice","type":"news_article","url":"https://fortune.com/crypto/2024/09/25/nader-al-naji-diamondhands-bitclout-andreessen-horowitz-a16z/"}]},{"content":"On February 28, 2025, U.S. Magistrate Judge Henry J. Ricardo approved a request from New York federal prosecutors to withdraw the criminal complaint against Al-Naji. The DOJ dismissal was without prejudice, meaning authorities retained the technical right to refile charges if new evidence emerged. The DOJ did not provide a public statement explaining the withdrawal. Following the criminal dismissal, Al-Naji posted publicly asserting his innocence and stating that investigators had found no wrongdoing after scrutinizing his private texts, emails, and documents. On March 12, 2026, the SEC and Al-Naji filed a joint stipulation in the U.S. District Court for the Southern District of New York agreeing to dismiss the civil enforcement action with prejudice, permanently barring the SEC from refiling the same securities claims. As part of the agreement, Al-Naji and the relief defendants waived any claims for attorneys' fees or damages related to the investigation and litigation. No penalties, fines, or admissions of guilt were imposed. The SEC cited 'the particular facts and circumstances of this case' as the basis for the dismissal. The dismissals with and without prejudice, respectively, mean that as of June 2026, Al-Naji faces no active government enforcement actions related to BitClout or BTCLT.","heading":"Case Dismissals: DOJ (February 2025) and SEC (March 2026)","severity":"high","sources":[{"credibility":2,"name":"Decrypt: Justice Dept Drops BitClout Charges","type":"news_article","url":"https://decrypt.co/310495/justice-dept-drops-bitclout-charges"},{"credibility":2,"name":"The Block: SEC dismisses civil fraud case against BitClout, DeSo founder Nader Al-Naji with prejudice","type":"news_article","url":"https://www.theblock.co/post/393611/sec-dismisses-civil-fraud-case-against-bitclout-deso-founder-nader-al-naji-with-prejudice"},{"credibility":2,"name":"CoinDesk: SEC drops lawsuit against BitClout founder Nader Al-Naji over DeSo crypto project","type":"news_article","url":"https://www.coindesk.com/policy/2026/03/16/sec-drops-case-against-bitclout-s-nader-al-naji"},{"credibility":2,"name":"Crowdfund Insider: SEC Permanently Drops Civil Fraud Suit Against DeSo And BitClout Creator Nader Al-Naji","type":"news_article","url":"https://www.crowdfundinsider.com/2026/03/266911-sec-permanently-drops-civil-fraud-suit-against-deso-and-bitclout-creator-nader-al-naji/"},{"credibility":2,"name":"CoinTelegraph: SEC Drops Case Against BitClout Nader Al-Naji","type":"news_article","url":"https://cointelegraph.com/news/nader-al-naji-bitclout-sec-doj-case-dismissal"},{"credibility":1,"name":"Securities Docket: SEC Announces Dismissal of Civil Enforcement Action Against Nader Al-Naji","type":"regulatory","url":"https://www.securitiesdocket.com/2026/03/16/sec-announces-dismissal-of-civil-enforcement-action-against-nader-al-naji-and-relief-defendants/"}]},{"content":"BTCLT, the native token of the BitClout platform (later redenominated as DESO after the rebrand), reached an all-time high of approximately $198.68. As of approximately June 2026, the DESO token trades at roughly $3.86–$3.90 USD, representing a decline of approximately 98% from its peak. Market capitalization was approximately $39 million as of that date, ranking the token around #547 on CoinGecko. The one-way Bitcoin-to-BTCLT swap mechanism at launch meant that users who purchased BTCLT in 2021 could not immediately convert back to Bitcoin on the platform, effectively locking in losses as the token depreciated. Retail investors reportedly accounted for more than half of the approximately $257 million raised. No restitution mechanism for retail investors was established as part of the case dismissals.","heading":"Token Price and Investor Impact","severity":"high","sources":[{"credibility":2,"name":"CoinGecko: Decentralized Social (DESO) Price","type":"on_chain","url":"https://www.coingecko.com/en/coins/deso"},{"credibility":2,"name":"CoinMarketCap: Decentralized Social (DESO) Price","type":"on_chain","url":"https://coinmarketcap.com/currencies/deso/"},{"credibility":2,"name":"Fortune: Feds arrest Princeton grad Diamondhands who raised $257 million","type":"news_article","url":"https://fortune.com/crypto/2024/07/30/feds-arrest-princeton-grad-diamondhands-who-raised-257-million-for-fake-crypto-social-media-site/"}]},{"content":"A central element of the SEC's 2024 allegations — and a documented design decision confirmed by multiple contemporaneous accounts — was that Al-Naji launched BitClout under the pseudonym 'Diamondhands' and explicitly marketed the platform as having no central authority, no company, and no individual in control. This framing was presented publicly to users, investors, and the media in early 2021. Al-Naji did not reveal his real identity until September 2021, approximately six months after the public launch. The SEC alleged in its complaint that this pseudonymous operation was not merely a stylistic choice but a deliberate strategy to avoid regulatory scrutiny and to obtain favorable legal opinions by misrepresenting the project's actual structure to outside counsel. The use of an anonymous persona while controlling the master treasury wallet, token pricing mechanisms, and protocol governance was the core basis for the SEC's fraud and misrepresentation allegations. Al-Naji disputed these characterizations, and the SEC ultimately dismissed the case without requiring him to admit wrongdoing.","heading":"Pseudonymous Launch and Decentralization Claims","severity":"high","sources":[{"credibility":1,"name":"SEC Complaint SDNY 2024 (PDF)","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-91.pdf"},{"credibility":2,"name":"CoinDesk: Nader Al-Naji (Formerly Known as Diamondhands) Unveils Long-Term Plan","type":"news_article","url":"https://www.coindesk.com/business/2021/09/21/nader-al-naji-fka-diamondhands-unveils-new-blockchain-long-term-plan-for-bitclout"},{"credibility":2,"name":"Fortune: How Princeton rower Diamondhands conned Silicon Valley's most famous firm twice","type":"news_article","url":"https://fortune.com/crypto/2024/09/25/nader-al-naji-diamondhands-bitclout-andreessen-horowitz-a16z/"}]},{"content":"As of June 2026, no active enforcement actions exist against Nader Al-Naji in connection with BitClout or DeSo. The SEC civil case was dismissed with prejudice on March 12, 2026; the DOJ criminal case was dismissed without prejudice on February 28, 2025. Al-Naji has made no public admissions of wrongdoing. The DeSo Foundation remains operational with approximately 23 employees and an actively developed layer-1 blockchain. The DESO token continues to trade on exchanges including Coinbase and is listed on CoinGecko and CoinMarketCap. The token price is approximately $3.86–$3.90 USD as of early June 2026, roughly 98% below its all-time high. The DeSo blockchain reports over 1.5 million accounts and $1 billion in cumulative on-chain volume.","heading":"Current Status (as of June 2026)","severity":"medium","sources":[{"credibility":2,"name":"CoinDesk: SEC drops lawsuit against BitClout founder Nader Al-Naji","type":"news_article","url":"https://www.coindesk.com/policy/2026/03/16/sec-drops-case-against-bitclout-s-nader-al-naji"},{"credibility":2,"name":"DeSo official website","type":"official","url":"https://www.deso.com/"},{"credibility":2,"name":"CoinGecko: Decentralized Social (DESO) Price","type":"on_chain","url":"https://www.coingecko.com/en/coins/deso"}]}],"sources_used":[{"credibility":1,"name":"SEC Press Release 2024-91: SEC Charges Nader Al-Naji with Fraud and Unregistered Offering of Crypto Asset Securities","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-91"},{"credibility":1,"name":"SEC Litigation Release LR-26499","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26499"},{"credibility":1,"name":"SEC Complaint PDF (SDNY 2024)","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-91.pdf"},{"credibility":1,"name":"Securities Docket: SEC Announces Dismissal of Civil Enforcement Action Against Nader Al-Naji","type":"regulatory","url":"https://www.securitiesdocket.com/2026/03/16/sec-announces-dismissal-of-civil-enforcement-action-against-nader-al-naji-and-relief-defendants/"},{"credibility":2,"name":"CoinDesk: BitClout Founder Charged With Wire Fraud, Civil Securities Charge","type":"news_article","url":"https://www.coindesk.com/policy/2024/07/30/bitclout-founder-charged-with-wire-fraud-civil-securities-charge"},{"credibility":2,"name":"CoinDesk: SEC drops lawsuit against BitClout founder Nader Al-Naji over DeSo crypto project","type":"news_article","url":"https://www.coindesk.com/policy/2026/03/16/sec-drops-case-against-bitclout-s-nader-al-naji"},{"credibility":2,"name":"CoinDesk: What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter","type":"news_article","url":"https://www.coindesk.com/tech/2021/03/22/what-is-bitclout-the-social-media-experiment-sparking-controversy-on-twitter"},{"credibility":2,"name":"CoinDesk: Nader Al-Naji (Formerly Known as Diamondhands) Unveils Long-Term Plan for BitClout Blockchain","type":"news_article","url":"https://www.coindesk.com/business/2021/09/21/nader-al-naji-fka-diamondhands-unveils-new-blockchain-long-term-plan-for-bitclout"},{"credibility":2,"name":"The Block: SEC dismisses civil fraud case against BitClout, DeSo founder Nader Al-Naji with prejudice","type":"news_article","url":"https://www.theblock.co/post/393611/sec-dismisses-civil-fraud-case-against-bitclout-deso-founder-nader-al-naji-with-prejudice"},{"credibility":2,"name":"The Block: BitClout creator launches Decentralized Social blockchain with $200 million in funding from a16z","type":"news_article","url":"https://www.theblock.co/post/118133/bitclout-creator-decentralized-social-blockchain-200-million-funding-a16z-others"},{"credibility":2,"name":"TechCrunch: SEC charges BitClout founder Nader Al-Naji with fraud","type":"news_article","url":"https://techcrunch.com/2024/07/30/sec-charged-crypto-founder-bitclout-startup-backed-by-a16z-sequoia/"},{"credibility":2,"name":"TechCrunch: Basis backed with $133 million shuts down","type":"news_article","url":"https://techcrunch.com/2018/12/13/basis-backed-with-133-million-from-top-vcs-to-build-a-price-stable-cryptocurrency-says-its-shutting-down-and-returning-the-money/"},{"credibility":2,"name":"Fortune: Former Princeton rower Nader Al-Naji charged with BitClout crypto fraud","type":"news_article","url":"https://fortune.com/crypto/2024/07/30/feds-arrest-princeton-grad-diamondhands-who-raised-257-million-for-fake-crypto-social-media-site/"},{"credibility":2,"name":"Fortune: How Princeton rower Diamondhands conned Silicon Valley's most famous firm twice","type":"news_article","url":"https://fortune.com/crypto/2024/09/25/nader-al-naji-diamondhands-bitclout-andreessen-horowitz-a16z/"},{"credibility":2,"name":"Decrypt: Justice Dept Drops BitClout Charges","type":"news_article","url":"https://decrypt.co/310495/justice-dept-drops-bitclout-charges"},{"credibility":2,"name":"Blockworks: SEC, DOJ charge BitClout founder Nader Al-Naji","type":"news_article","url":"https://blockworks.co/news/sec-doj-charge-bitclout-creator-crypto-fraud-social-media"},{"credibility":2,"name":"Crowdfund Insider: SEC Permanently Drops Civil Fraud Suit Against DeSo And BitClout Creator Nader Al-Naji","type":"news_article","url":"https://www.crowdfundinsider.com/2026/03/266911-sec-permanently-drops-civil-fraud-suit-against-deso-and-bitclout-creator-nader-al-naji/"},{"credibility":2,"name":"CoinTelegraph: SEC Drops Case Against BitClout Nader Al-Naji","type":"news_article","url":"https://cointelegraph.com/news/nader-al-naji-bitclout-sec-doj-case-dismissal"},{"credibility":2,"name":"CoinDesk: Basis Stablecoin Confirms Shutdown, Blaming Regulatory Constraints","type":"news_article","url":"https://www.coindesk.com/markets/2018/12/13/basis-stablecoin-confirms-shutdown-blaming-regulatory-constraints"},{"credibility":2,"name":"Nasdaq: BitClout Alleged Leader Hit With Cease-and-Desist by Prominent Crypto Law Firm","type":"news_article","url":"https://www.nasdaq.com/articles/bitclouts-alleged-leader-hit-with-cease-and-desist-by-prominent-crypto-law-firm-2021-03-23"},{"credibility":2,"name":"CoinGecko: Decentralized Social (DESO) Price","type":"on_chain","url":"https://www.coingecko.com/en/coins/deso"},{"credibility":2,"name":"CoinMarketCap: Decentralized Social (DESO)","type":"on_chain","url":"https://coinmarketcap.com/currencies/deso/"},{"credibility":2,"name":"DeSo official website","type":"official","url":"https://www.deso.com/"},{"credibility":2,"name":"The Princetonian: SEC case against Nader Al-Naji dismissed after two years of legal battles","type":"news_article","url":"https://www.dailyprincetonian.com/article/2026/03/princeton-news-broadfocus-alumni-exonerated-of-crypto-fraud-charges"}],"summary":"BitClout was a blockchain-based social media platform launched in early 2021 by Nader Al-Naji, a Princeton graduate and former Google engineer, operating under the pseudonym 'Diamondhands.' The platform raised approximately $257 million through sales of its native BTCLT token, rebranded its underlying chain as DeSo (Decentralized Social) in September 2021, and attracted institutional backers including Andreessen Horowitz and Sequoia Capital. In July 2024 the SEC and DOJ filed parallel civil and criminal actions against Al-Naji, alleging fraud and unregistered securities offerings; both cases were subsequently dropped — the DOJ without prejudice in February 2025, and the SEC with prejudice in March 2026 — with no penalties, fines, or admissions of guilt. The DESO token trades approximately 98% below its all-time high as of mid-2026.","timeline":[{"date":"2018-01-01","event":"Nader Al-Naji co-founds Basis, an algorithmic stablecoin, raising $133 million from Andreessen Horowitz, Bain Capital Ventures, and others.","source":"TechCrunch","source_url":"https://techcrunch.com/2018/12/13/basis-backed-with-133-million-from-top-vcs-to-build-a-price-stable-cryptocurrency-says-its-shutting-down-and-returning-the-money/"},{"date":"2018-12-13","event":"Basis shuts down citing U.S. regulatory constraints; unused capital returned to investors.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2018/12/13/basis-stablecoin-confirms-shutdown-blaming-regulatory-constraints"},{"date":"2021-01-01","event":"BitClout blockchain creates its first block. Platform developed under pseudonymous Diamondhands persona.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2021/03/22/what-is-bitclout-the-social-media-experiment-sparking-controversy-on-twitter"},{"date":"2021-03-24","event":"BitClout launches publicly, scraping and creating tokenized profiles of approximately 15,000 Twitter users without consent.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2021/03/22/what-is-bitclout-the-social-media-experiment-sparking-controversy-on-twitter"},{"date":"2021-03-23","event":"Law firm Anderson Kill sends a cease-and-desist letter to Al-Naji alleging violations of California right-of-publicity and privacy laws.","source":"Nasdaq/CoinDesk","source_url":"https://www.nasdaq.com/articles/bitclouts-alleged-leader-hit-with-cease-and-desist-by-prominent-crypto-law-firm-2021-03-23"},{"date":"2021-09-21","event":"Al-Naji reveals his identity publicly and announces rebrand of the underlying chain to DeSo (Decentralized Social), with $200 million treasury transferred to the DeSo Foundation.","source":"The Block","source_url":"https://www.theblock.co/post/118133/bitclout-creator-decentralized-social-blockchain-200-million-funding-a16z-others"},{"date":"2024-07-30","event":"SEC files civil fraud and unregistered securities charges against Al-Naji (case 1:24-cv-05738, SDNY). DOJ files parallel wire fraud criminal complaint. Al-Naji arrested by FBI.","source":"SEC Press Release 2024-91","source_url":"https://www.sec.gov/newsroom/press-releases/2024-91"},{"date":"2025-02-28","event":"U.S. Magistrate Judge Henry J. Ricardo approves DOJ request to withdraw criminal complaint against Al-Naji, without prejudice.","source":"Decrypt","source_url":"https://decrypt.co/310495/justice-dept-drops-bitclout-charges"},{"date":"2025-03-01","event":"Al-Naji posts publicly asserting his innocence following the DOJ dismissal, stating investigators found no wrongdoing after reviewing private communications.","source":"The Block","source_url":"https://www.theblock.co/post/393611/sec-dismisses-civil-fraud-case-against-bitclout-deso-founder-nader-al-naji-with-prejudice"},{"date":"2026-03-12","event":"SEC and Al-Naji file joint stipulation to dismiss SEC civil enforcement action with prejudice in SDNY. No penalties, fines, or admissions of guilt.","source":"Securities Docket / CoinDesk","source_url":"https://www.securitiesdocket.com/2026/03/16/sec-announces-dismissal-of-civil-enforcement-action-against-nader-al-naji-and-relief-defendants/"}]},"v":1}