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Cryptocurrency developer Nader Al-Naji arrested on wire fraud charge

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Photo: Douglas Sacha/Getty Images

Alexander Barzacanos

2 min read
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He is accused of misleading investors and regulators by claiming his crypto-cum-social media platform was decentralized.

Founder of cryptocurrency bitClout (BTCLT) Nader Al-Naji has been arrested in New York and charged with one count of wire fraud. Investigators say he defrauded an investor by spending money reserved for platform development on personal expenditures, and made misleading claims that the project was “decentralized.” He faces 20 years

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