TechFlow news — On March 19, according to Decrypt, the U.S. Department of Justice has dropped fraud charges against Nader Al-Naji, founder of the decentralized social network BitClout. Court documents show that federal prosecutors in New York filed a motion to dismiss the charges against Al-Naji, which was approved by U.S. Magistrate Judge Henry J. Ricardo on February 28.
Previously, the Justice Department charged Al-Naji with one count of wire fraud, alleging he defrauded investors of $3 million and used the funds for family, friends, and a lavish lifestyle. The U.S. Securities and Exchange Commission (SEC) also dropped its civil charges against the former Google engineer at the end of February.
BitClout is a decentralized social network that tokenizes Twitter user identities and previously received backing from prominent investors including Andreessen Horowitz, Coinbase Ventures, and the Winklevoss brothers of Gemini.
