DEADADJACENTCRYPTO

Basis

Raised $133M for an algorithmic stablecoin. Returned the money. Then did BitClout.

$133M

Capital Raised

1 YRS

Lifespan

AUTOPSY REPORT

Nader Al-Naji raised $133M from a16z, Bain Capital, Google Ventures, and Lightspeed for an algorithmic stablecoin — the same model that would later blow up Terra/Luna. The twist? Al-Naji actually returned all the money when he realized the SEC would classify his tokens as securities — the one honest thing he ever did . Then he went on to create BitClout, scraped 15,000 celebrity profiles without consent, raised $257M, and allegedly spent millions on a Beverly Hills mansion. The $133M return was just the warmup act.

TIMELINE

2017Basis (Basecoin) founded by Nader Al-Naji

2018-04Raises $133M from a16z, Bain Capital, GV, Lightspeed

2018-12Shuts down and returns all capital, citing regulatory concerns

2021Al-Naji launches BitClout with the same investors

SOURCES

→ TechCrunch: Basis Shuts Down, Returns $133M → CoinDesk: Basis Stablecoin Confirms Shutdown → Protos: Basis Cash — The Failed Stablecoin Do Kwon Didn't Learn From

← Standard AI Honor →

Satirical project. Not affiliated with Y Combinator. All information from public records.