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Bitcoin price reached its daily low a short while ago, hitting $65,555. At this moment, the SEC released a new lawsuit announcement. The Securities Regulator had paused filing new lawsuits against cryptocurrency companies for a while. However, with the November elections approaching, the SEC emphasizes its determination by not holding back on lawsuits.
SEC Cryptocurrency Lawsuit
Gensler, who has been tightening the noose on cryptocurrency companies, has now filed another lawsuit. In the announcement just received, Nader Al-Naji is accused of fraud. This lawsuit also accuses the BTCLT Token of being a fraudulent asset. The press release includes the following details;
“According to the SEC’s complaint, starting in November 2020, Al-Naji raised more than $257 million from unregistered token offerings and BTCLT sales while falsely telling investors that the proceeds would not be used to compensate himself or other BitClout employees. In reality, according to the complaint, Al-Naji spent more than $7 million of investor funds on personal expenses such as rental payments for a mansion in Beverly Hills and extravagant cash gifts to family members.” Crypto Traders Are Rushing to This App – Here’s Why You Should Too
SEC’s Director of Enforcement Gurbir S. Grewal said;
“As alleged in our complaint, Al-Naji tried to evade federal securities laws and defraud the investing public.”
This lawsuit also sends the message that you cannot deceive us with platforms disguised as decentralized.
