The FBI arrested Nader Al-Naji for fraud tied to BitClout, a social network turned stock market investment vehicle, with allegations of unauthorized scraping and misuse of investor funds. Al-Naji's past includes a failed stablecoin project, Basis, and a pattern of deception in legal matters and venture capital investments.
Al-Naji's BitClout scheme involved disregarding Twitter profiles copyright, deceiving investors about decentralization, and secretly diverting funds for personal use, purchasing a mansion and lavish gifts. His crypto history includes raising millions for Basis, a stablecoin based on an algorithm resembling Terra coin, causing market turbulence.
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