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Every state-changing event for Bitcoin Latinum (LTNM) / Donald Basile: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-28 03:48:29Z
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   {"actor":"system:backfill","investigation_id":"74734cc6-7e4c-4265-b170-779c91c2418e","kind":"publish","page_slug":"bitcoin-latinum-ltnm-donald-basile","published_at":"2026-05-28T03:48:29.435Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Bitcoin Latinum (LTNM) / Donald Basile","sections":[{"content":"On April 17, 2026, the U.S. Securities and Exchange Commission filed a civil complaint against Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation in the U.S. District Court for the Eastern District of New York (Case No. 1:26-cv-02293). The SEC alleges that between March and December 2021, Basile raised approximately $16 million from hundreds of investors across the United States through the fraudulent sale of Simple Agreements for Future Tokens (SAFTs) tied to a cryptocurrency he called Bitcoin Latinum or LTNM. The complaint charges Basile with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. GIBF and Monsoon are charged under Section 17(a)(2) of the Securities Act and Section 10(b) and Rule 10b-5(b) of the Exchange Act. Remedies sought include permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, civil monetary penalties, a conduct-based injunction barring Basile from future securities offerings, and a permanent officer-and-director bar.","heading":"SEC Civil Fraud Action (2026)","severity":"critical","sources":[{"credibility":1,"name":"SEC Litigation Release LR-26530: Donald G. Basile, GIBF GP, Inc, and Monsoon Blockchain Corporation","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"credibility":1,"name":"SEC Complaint PDF — comp26530.pdf","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2026/comp26530.pdf"},{"credibility":1,"name":"Justia Docket: SEC v. Basile et al, 1:2026cv02293 (E.D.N.Y.)","type":"court_filing","url":"https://dockets.justia.com/docket/new-york/nyedce/1:2026cv02293/544730"},{"credibility":1,"name":"Bloomberg Law: Crypto Executive Misled Investors on Digital Currency, SEC Says","type":"news_article","url":"https://news.bloomberglaw.com/securities-law/crypto-executive-misled-investors-on-digital-currency-sec-says"}]},{"content":"The SEC's complaint centers on two categories of alleged material misrepresentation. First, Basile allegedly claimed that Bitcoin Latinum was 'the world's first insured digital asset' with 'up to $1 billion coverage' arranged through a specialty insurance broker, publicly identified in marketing materials as Marsh McLennan. In November 2020, a press release had announced that Marsh Asia was appointed to arrange comprehensive insurance coverage for Bitcoin Latinum holders, protecting against external theft and internal collusion up to the full value of their holdings. According to the SEC, however, no insurance company ever issued a policy or otherwise insured LTNM at the time Basile was selling SAFTs to investors in 2021. Second, Basile allegedly claimed that an 'existing trust' or 'underlying trust fund' held a diversified portfolio of Bitcoin and Ethereum to secure the asset pool backing LTNM's value, and that 80% or more of SAFT proceeds would flow back into the asset pool to support token value. The SEC states that no such trust, underlying fund, or asset pool was ever created. The pitch deck, whitepaper, and 'Investor Overview' prepared and distributed by Basile are cited as vehicles for these alleged misrepresentations. Basile also allegedly ran a social media campaign on Telegram and Twitter described as a 'Mega-Shilling' operation to amplify these claims.","heading":"Fraudulent Insurance and Asset-Backing Claims","severity":"critical","sources":[{"credibility":1,"name":"InvestmentNews: SEC hits crypto founder with fraud suit over $16M Bitcoin Latinum raise","type":"news_article","url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"credibility":2,"name":"Insurance Edge: Marsh & McLennan Strikes Deal With Bitcoin Latinum (November 2020)","type":"news_article","url":"https://insurance-edge.net/2020/11/26/marsh-mclennan-strikes-deal-with-bitcoin-latinum/"},{"credibility":2,"name":"CoinCodex: Interview with Dr. Donald Basile, Founder of Bitcoin Latinum","type":"other","url":"https://coincodex.com/article/12761/coincodex-interview-with-dr-donald-basile-the-founder-of-bitcoin-latinum/"},{"credibility":2,"name":"Blockonomi: SEC Charges Bitcoin Latinum Founder Donald Basile With $16 Million Investor Fraud","type":"news_article","url":"https://blockonomi.com/sec-charges-bitcoin-latinum-founder-donald-basile-with-16-million-investor-fraud/"}]},{"content":"The SEC alleges that rather than deploying investor proceeds to support the LTNM token ecosystem as promised, Basile diverted substantial sums for personal use. According to the complaint as reported by InvestmentNews and CryptoTimes, the alleged misappropriation includes approximately $4.1 million toward a Miami condominium, approximately $2.8 million toward a Park City, Utah home, approximately $1.4 million applied to his personal American Express credit card, approximately $1 million transferred to accounts controlled by Basile or his family members, and $160,000 for a horse purchased for his daughter. These expenditures collectively account for a significant portion of the $16 million raised. The SEC's complaint characterizes these disbursements as constituting fraud against investors who were told their funds would underpin the token's value.","heading":"Alleged Misappropriation of Investor Funds","severity":"critical","sources":[{"credibility":1,"name":"InvestmentNews: SEC hits crypto founder with fraud suit over $16M Bitcoin Latinum raise","type":"news_article","url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"credibility":2,"name":"CryptoTimes: SEC Charges Donald Basile in $16M Bitcoin Latinum Crypto Fraud Case","type":"news_article","url":"https://www.cryptotimes.io/2026/04/18/sec-charges-donald-basile-in-16m-bitcoin-latinum-crypto-fraud-case/"},{"credibility":2,"name":"Blockonomi: SEC Charges Bitcoin Latinum Founder Donald Basile With $16 Million Investor Fraud","type":"news_article","url":"https://blockonomi.com/sec-charges-bitcoin-latinum-founder-donald-basile-with-16-million-investor-fraud/"}]},{"content":"Bitcoin Latinum's LTNM token was publicly listed on overseas trading platforms beginning in October 2021. After listing, the token reached a reported all-time high near $9,335 in December 2021, before collapsing to under $16 by late January 2022. As of 2026, the token trades at approximately $0.41 with negligible daily volume (approximately $8 per day), representing a loss of over 99.99% from peak value. The token is currently listed on CoinMarketCap and some exchange price trackers but carries near-zero market capitalization and effectively no liquidity. Major exchange listings did not materialize as promised; a January 2022 announcement of a Binance pre-listing did not result in a full listing, and LTNM was not listed on any major Tier-1 exchange.","heading":"Token Market History and Collapse","severity":"high","sources":[{"credibility":2,"name":"CoinMarketCap: Bitcoin Latinum (LTNM) price and market data","type":"other","url":"https://coinmarketcap.com/currencies/bitcoin-latinum/"},{"credibility":1,"name":"InvestmentNews: SEC hits crypto founder with fraud suit over $16M Bitcoin Latinum raise","type":"news_article","url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"credibility":2,"name":"GlobeNewsWire: Bitcoin Latinum LTNM Now Pre-Listed on Binance (January 11, 2022)","type":"other","url":"https://www.globenewswire.com/news-release/2022/01/11/2364518/0/en/Bitcoin-Latinum-LTNM-Now-Pre-Listed-on-Binance.html"}]},{"content":"Separate from the SEC enforcement action, at least two private civil lawsuits have been filed against Bitcoin Latinum and associated parties. In February 2022, a civil case was filed in the U.S. District Court for the Eastern District of Michigan (Case No. 2:2022cv10208, Jonna et al. v. Bitcoin Latinum et al.) alleging securities fraud, wire fraud, and fraudulent conversion of investment funds by three plaintiffs against Bitcoin Latinum and Kevin Jonna, a separate individual alleged to have sold unregistered LTNM tokens. That case alleged the sale of at least $540,000 in unregistered securities. A federal judge later rejected an attempt by Bitcoin Latinum to compel arbitration, ruling it had waived that right by waiting over two years. The Sixth Circuit affirmed that determination. In November 2022, a California plaintiff, Arshad Assofi, filed suit against GIBF GP, Inc., Donald Basile, and unnamed defendants, alleging Basile defrauded him of over $15 million through false statements including claims of '$20 million from Star Trek producers,' promises of a November 2021 trading launch, assertions the project was 'fully insured,' and plans for global ATM deployments.","heading":"Related Civil Litigation","severity":"high","sources":[{"credibility":1,"name":"Justia: Jonna et al v. Bitcoin Latinum et al, No. 2:2022cv10208 (E.D. Mich.)","type":"court_filing","url":"https://dockets.justia.com/docket/michigan/miedce/2:2022cv10208/359650"},{"credibility":2,"name":"StreetInsider: Bitcoin Latinum Named in Civil Lawsuit Alleging Securities Fraud","type":"news_article","url":"https://www.streetinsider.com/Investor+Brand+Network/Bitcoin+Latinum+Named+in+Civil+Lawsuit+Alleging+Securities+Fraud,+Wire+Fraud,+and+Fraudulent+Conversion+of+Investment+Funds/19546803.html"},{"credibility":2,"name":"Poker.org: Hellmuth-promoted cryptocurrency Bitcoin Latinum and founder sued in California","type":"news_article","url":"https://www.poker.org/latest-news/hellmuth-promoted-cryptocurrency-bitcoin-latinum-and-founder-sued-in-california-as4ui0j6IbXF/"}]},{"content":"Donald G. Basile holds an MS (1988) and PhD (1993) in Electrical Engineering from Stanford University. His career includes roles at AT&T Bell Labs, IBM, Lenfest Communications (President, 1993–1997), and UnitedHealth Group. He is best known in the technology sector as the CEO of Fusion-io from 2008 to 2009, where he served as chairman of the board beginning in 2006 and recruited Apple co-founder Steve Wozniak as chief scientist. He later became CEO of Violin Memory (2009–2014), where he led the company to raise over $400 million and announced a strategic partnership with Toshiba. According to his own promotional materials, he co-founded over 30 Silicon Valley companies and helped raise over $1 billion for high-tech startups. He co-founded Monsoon Blockchain Corporation, based in Palo Alto, California, as the technical vehicle for Bitcoin Latinum. As of April 2026, Basile reportedly remains in Palo Alto, with no criminal charges filed in connection with the SEC's civil action.","heading":"Background on Donald G. Basile","severity":"medium","sources":[{"credibility":2,"name":"Wikipedia: Don Basile","type":"other","url":"https://en.wikipedia.org/wiki/Don_Basile"},{"credibility":2,"name":"CoinCodex: Interview with Dr. Donald Basile, Founder of Bitcoin Latinum","type":"other","url":"https://coincodex.com/article/12761/coincodex-interview-with-dr-donald-basile-the-founder-of-bitcoin-latinum/"},{"credibility":2,"name":"Blockonomi: SEC Charges Bitcoin Latinum Founder Donald Basile With $16 Million Investor Fraud","type":"news_article","url":"https://blockonomi.com/sec-charges-bitcoin-latinum-founder-donald-basile-with-16-million-investor-fraud/"}]},{"content":"Bitcoin Latinum employed an aggressive marketing strategy during its 2021 fundraising period that included celebrity endorsements and high-profile events. Professional poker player Phil Hellmuth publicly endorsed Bitcoin Latinum, describing himself as a paid endorser and wearing a Bitcoin Latinum-branded cap during the World Series of Poker. Hellmuth stated he signed with Bitcoin Latinum 'because I believe the company will make it easier for crypto to be used by everyone on an everyday basis.' The project also hosted a celebrity event called 'GENESIS' in Miami, attended by MMA fighters Jorge Masvidal and Paige VanZant, with musical performances by Grammy winner Quavo and Grammy-nominated Tory Lanez. The project's whitepaper, Investor Overview, and pitch deck were used to promote the insurance and asset-backing claims that the SEC later alleged were materially false. A social media promotion campaign was described by the SEC as a 'Mega-Shilling' operation across Telegram and Twitter. The project also announced partnerships with ATM operator OSO, claiming plans to deploy up to 100,000 ATMs across all 50 U.S. states.","heading":"Marketing Practices and Celebrity Endorsements","severity":"medium","sources":[{"credibility":2,"name":"Poker.org: Phil Hellmuth-endorsed altcoin Bitcoin Latinum accused of securities fraud","type":"news_article","url":"https://www.poker.org/latest-news/phil-hellmuth-endorsed-altcoin-bitcoin-latinum-accused-of-securities-fraud-axpR55C0TMO4/"},{"credibility":1,"name":"InvestmentNews: SEC hits crypto founder with fraud suit over $16M Bitcoin Latinum raise","type":"news_article","url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"credibility":2,"name":"CoinCodex: Interview with Dr. Donald Basile, Founder of Bitcoin Latinum","type":"other","url":"https://coincodex.com/article/12761/coincodex-interview-with-dr-donald-basile-the-founder-of-bitcoin-latinum/"}]}],"sources_used":[{"credibility":1,"name":"SEC Litigation Release LR-26530: Donald G. Basile, GIBF GP, Inc, and Monsoon Blockchain Corporation","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"credibility":1,"name":"SEC Complaint PDF — comp26530.pdf","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2026/comp26530.pdf"},{"credibility":1,"name":"Justia Docket: SEC v. Basile et al, 1:2026cv02293 (E.D.N.Y.)","type":"court_filing","url":"https://dockets.justia.com/docket/new-york/nyedce/1:2026cv02293/544730"},{"credibility":1,"name":"Bloomberg Law: Crypto Executive Misled Investors on Digital Currency, SEC Says","type":"news_article","url":"https://news.bloomberglaw.com/securities-law/crypto-executive-misled-investors-on-digital-currency-sec-says"},{"credibility":1,"name":"InvestmentNews: SEC hits crypto founder with fraud suit over $16M Bitcoin Latinum raise","type":"news_article","url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"credibility":1,"name":"Justia: Jonna et al v. Bitcoin Latinum et al, No. 2:2022cv10208 (E.D. Mich.)","type":"court_filing","url":"https://dockets.justia.com/docket/michigan/miedce/2:2022cv10208/359650"},{"credibility":2,"name":"Blockonomi: SEC Charges Bitcoin Latinum Founder Donald Basile With $16 Million Investor Fraud","type":"news_article","url":"https://blockonomi.com/sec-charges-bitcoin-latinum-founder-donald-basile-with-16-million-investor-fraud/"},{"credibility":2,"name":"CryptoTimes: SEC Charges Donald Basile in $16M Bitcoin Latinum Crypto Fraud Case","type":"news_article","url":"https://www.cryptotimes.io/2026/04/18/sec-charges-donald-basile-in-16m-bitcoin-latinum-crypto-fraud-case/"},{"credibility":2,"name":"Crypto Briefing: SEC charges Bitcoin Latinum founder over alleged $16M investor fraud","type":"news_article","url":"https://cryptobriefing.com/sec-charges-fraud-bitcoin-latinum/"},{"credibility":2,"name":"Insurance Edge: Marsh & McLennan Strikes Deal With Bitcoin Latinum","type":"news_article","url":"https://insurance-edge.net/2020/11/26/marsh-mclennan-strikes-deal-with-bitcoin-latinum/"},{"credibility":2,"name":"CoinCodex: Interview with Dr. Donald Basile, Founder of Bitcoin Latinum","type":"other","url":"https://coincodex.com/article/12761/coincodex-interview-with-dr-donald-basile-the-founder-of-bitcoin-latinum/"},{"credibility":2,"name":"Wikipedia: Don Basile","type":"other","url":"https://en.wikipedia.org/wiki/Don_Basile"},{"credibility":2,"name":"Poker.org: Phil Hellmuth-endorsed altcoin Bitcoin Latinum accused of securities fraud","type":"news_article","url":"https://www.poker.org/latest-news/phil-hellmuth-endorsed-altcoin-bitcoin-latinum-accused-of-securities-fraud-axpR55C0TMO4/"},{"credibility":2,"name":"Poker.org: Hellmuth-promoted cryptocurrency Bitcoin Latinum and founder sued in California","type":"news_article","url":"https://www.poker.org/latest-news/hellmuth-promoted-cryptocurrency-bitcoin-latinum-and-founder-sued-in-california-as4ui0j6IbXF/"},{"credibility":2,"name":"GlobeNewsWire: Bitcoin Latinum LTNM Now Pre-Listed on Binance","type":"other","url":"https://www.globenewswire.com/news-release/2022/01/11/2364518/0/en/Bitcoin-Latinum-LTNM-Now-Pre-Listed-on-Binance.html"},{"credibility":2,"name":"StreetInsider: Bitcoin Latinum Named in Civil Lawsuit Alleging Securities Fraud","type":"news_article","url":"https://www.streetinsider.com/Investor+Brand+Network/Bitcoin+Latinum+Named+in+Civil+Lawsuit+Alleging+Securities+Fraud,+Wire+Fraud,+and+Fraudulent+Conversion+of+Investment+Funds/19546803.html"},{"credibility":2,"name":"CoinMarketCap: Bitcoin Latinum (LTNM) price and market data","type":"other","url":"https://coinmarketcap.com/currencies/bitcoin-latinum/"}],"summary":"Bitcoin Latinum (LTNM) was a cryptocurrency project launched in 2020 by Donald G. Basile through his companies Monsoon Blockchain Corporation and GIBF GP, Inc. On April 17, 2026, the U.S. Securities and Exchange Commission filed a civil fraud action in the Eastern District of New York (Case No. 1:26-cv-02293), alleging Basile defrauded hundreds of investors of approximately $16 million by selling Simple Agreements for Future Tokens (SAFTs) while making materially false claims about insurance coverage, asset backing, and the use of investor proceeds. The token collapsed to near-zero value, and Basile allegedly misappropriated millions of dollars for personal real estate purchases, credit card payments, and a $160,000 horse.","timeline":[{"date":"2020-11-26","event":"Marsh & McLennan announced appointment to arrange insurance coverage for Bitcoin Latinum holders, with potential coverage 'up to the full value of their holdings.'","source":"Insurance Edge","source_url":"https://insurance-edge.net/2020/11/26/marsh-mclennan-strikes-deal-with-bitcoin-latinum/"},{"date":"2021-03-01","event":"Basile and his companies GIBF GP, Inc. and Monsoon Blockchain Corporation began selling SAFTs to investors. The approximate start of the fundraising window as alleged by the SEC.","source":"InvestmentNews","source_url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"date":"2021-10-01","event":"LTNM token listed on overseas trading platforms including LBank, Hotbit, DigiFinex, and others. Price opened around $200.","source":"InvestmentNews","source_url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"date":"2021-12-01","event":"Approximately $16 million raised from hundreds of investors by the end of the fundraising period, per the SEC complaint. The SEC states December 2021 as the close of the alleged scheme.","source":"SEC Litigation Release LR-26530","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"date":"2021-12-19","event":"LTNM token reached reported all-time high price of approximately $9,335.","source":"BitScreener / multiple price trackers","source_url":"https://bitscreener.com/coins/bitcoin-latinum/price-history"},{"date":"2022-01-11","event":"Bitcoin Latinum announced LTNM was 'pre-listed' on Binance.com. A full listing on Binance did not subsequently occur.","source":"GlobeNewsWire","source_url":"https://www.globenewswire.com/news-release/2022/01/11/2364518/0/en/Bitcoin-Latinum-LTNM-Now-Pre-Listed-on-Binance.html"},{"date":"2022-01-31","event":"LTNM token price had fallen to under $16, a decline of over 99% from its December 2021 high.","source":"InvestmentNews","source_url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"},{"date":"2022-02-01","event":"Three plaintiffs filed a civil lawsuit in the U.S. District Court for the Eastern District of Michigan (Case No. 2:2022cv10208, Jonna et al. v. Bitcoin Latinum et al.) alleging securities fraud, wire fraud, and fraudulent conversion.","source":"Justia / StreetInsider","source_url":"https://dockets.justia.com/docket/michigan/miedce/2:2022cv10208/359650"},{"date":"2022-11-01","event":"California plaintiff Arshad Assofi filed a civil suit against GIBF GP, Inc. and Donald Basile in California, alleging fraud of over $15 million.","source":"Poker.org","source_url":"https://www.poker.org/latest-news/hellmuth-promoted-cryptocurrency-bitcoin-latinum-and-founder-sued-in-california-as4ui0j6IbXF/"},{"date":"2026-04-17","event":"The U.S. Securities and Exchange Commission filed a civil fraud complaint against Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation in the U.S. District Court for the Eastern District of New York (Case No. 1:26-cv-02293), alleging $16 million in investor fraud through fraudulent SAFTs tied to Bitcoin Latinum.","source":"SEC Litigation Release LR-26530","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"}]},"v":1}

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