- The founder of the collapsed social media site IRL, Amir Elichai, has been charged with fraud by the U.S. Securities and Exchange Commission (SEC). The SEC alleges that Elichai fabricated user numbers and other metrics to mislead investors and secure funding for the company.

- According to the SEC, IRL claimed to have millions of active users, but in reality, the majority of these accounts were fake or inactive. Elichai is accused of using these inflated user numbers to raise over $35 million from investors, who were led to believe the platform was more successful than it truly was.

- The collapse of IRL in 2022 left many investors and employees financially impacted. The SEC's charges against Elichai aim to hold him accountable for his alleged fraudulent actions, which deprived investors of accurate information and caused substantial losses when the company ultimately failed.