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SEC charges BitClout founder Nader Al-Naji with fraud and unregistered offering of securities.
The SEC claims he used a pseudonymous identity to avoid regulatory scrutiny while he raised over $257 million in cryptocurrency.
The complaint is the latest for a company that has been no stranger to controversy from the start.
Al-Naji has yet to speak on the allegations.
He previously expressed confidence in his company’s legal footing.
Sequoia and a16z declined to comment.
The SEC says it is “apparently wrong’” and “attempted to evade the federal securities laws and defraud the investing public.
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