Donald Basile / Bitcoin Latinum (LTNM) / Monsoon Blockchain Corporation
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 2 → 26. Problems weighed by who is responsible: the subject's own conduct −90, concerns that are not fraud −9.2, problems around the subject, caused by others −2.6; legitimacy credit long-running +10; no established finding that it defrauded anyone, so it stays out of the red band. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -90 |
| Concerns that are not fraud | -9.2 |
| Problems around it, caused by others | -2.6 |
| Long-running | +10 |
| Sum | -27 |
- No established finding that it defrauded anyone, so it stays out of the red band (26 or above).
Score: 26/100 (kept between 0 and 100)
How scoring works →Summary
Donald G. Basile, founder of Bitcoin Latinum (LTNM) and CEO of Monsoon Blockchain Corporation, was charged by the SEC on April 17, 2026 with defrauding hundreds of U.S. investors of approximately $16 million through a SAFT offering that relied on fabricated insurance claims, a phantom asset-backed trust, and misrepresentations about how investor funds would be used. The token launched on overseas exchanges in October 2021 and subsequently collapsed by more than 90%, and the SEC alleges Basile diverted investor proceeds to personal real estate, credit card expenses, and a $160,000 horse while no underlying fund was ever created.
Connected Entities
8 entities · 60 linked investigations- Donald Basile / Bitcoin Latinum (LTNM) / Monsoon Blockchain Corporation→mentioned with→Phantom Wallet(60%)
- Donald Basile / Bitcoin Latinum (LTNM) / Monsoon Blockchain Corporation→mentioned with→Ethereum(60%)
- Ethereum→mentioned with→Bitcoin(60%)
- Donald Basile→mentioned with→Ethereum(60%)
- Donald Basile→mentioned with→Bitcoin(65%)
- Donald G. Basile / Bitcoin Latinum (LTNM)→mentioned with→Phantom Wallet(60%)
- Donald G. Basile / Bitcoin Latinum (LTNM)→mentioned with→Bitcoin(75%)
- Donald G. Basile / Bitcoin Latinum (LTNM)→mentioned with→Ethereum(60%)
- Phantom Wallet→mentioned with→Ethereum(70%)
- Phantom Wallet→mentioned with→Bitcoin(70%)
- + 20 more
Timeline(12 events)
November 2020
Bitcoin Latinum announced as newly launched project. Press releases cited Marsh McLennan as arranger of proposed insurance program for LTNM, describing the token as set to become 'the world's largest insured digital asset.'
E-Crypto News / GlobeNewswireMarch 2021
SAFT offering commences. Basile, through GIBF GP, Inc. and Monsoon Blockchain Corporation, begins selling Simple Agreements for Future Tokens to U.S. investors, according to the SEC complaint.
SEC Complaint comp26530.pdfJune 2021
At a fundraising meeting, Basile allegedly told investor Arshad Assofi that Bitcoin Latinum had received $20 million from the producers of Star Trek, that a Dubai investor would contribute $100 million, and that the token launch would occur in early-to-mid November 2021 with no lockup.
Poker.org — Hellmuth-promoted cryptocurrency Bitcoin Latinum and founder sued in CaliforniaOctober 2021
LTNM listed on overseas cryptocurrency exchanges. Token price reported at approximately $200 at launch.
InvestmentNews — SEC sues crypto founder alleging $16M token fraud built on phantom insuranceDecember 2021
SAFT offering closes. Approximately $16 million raised from hundreds of U.S. investors over the course of the offering.
SEC Complaint comp26530.pdf2022
Bitcoin Latinum announces plans for 2022 exchange listings, claiming to trade on approximately ten exchanges and targeting twenty more. LTNM price has fallen below $16, a decline exceeding 90% from its October 2021 peak.
InvestmentNews — SEC sues crypto founder alleging $16M token fraud built on phantom insuranceFebruary 2022
Civil lawsuit filed in U.S. District Court, Eastern District of Michigan (case no. 22-10208) by Raymond Jonna, Simon Jonna, and Farid Jamardov against Bitcoin Latinum, Kevin Jonna, and GIBF GP, Inc., alleging securities fraud, wire fraud, and fraudulent conversion involving approximately $500,000.
CryptoCurrencyWire — Bitcoin Latinum Named in Civil LawsuitNovember 2022
Arshad Assofi files civil lawsuit in U.S. District Court, Central District of California against GIBF GP, Inc. and Donald Basile, alleging fraud totaling more than $15.5 million. The complaint alleges Basile made false claims about Star Trek backing and a Dubai investor.
Poker.org — Hellmuth-promoted cryptocurrency Bitcoin Latinum and founder sued in CaliforniaNovember 2022
Forbes journalist Cyrus Farivar publishes article titled 'A Cryptocurrency Named After The Fictional Money In Star Trek Is Worthless,' reporting on the Assofi lawsuit.
Techdirt — Would You Trust A Cryptocurrency Whose Operator Sues Journalists7 February 2024
GIBF GP, Inc. files defamation suits in Delaware Court of Chancery against Forbes journalist Cyrus Farivar and Poker.org journalist Haley Hintze over articles reporting on Bitcoin Latinum fraud lawsuits. Legal observers characterize the suits as SLAPPs with multiple procedural defects.
Techdirt — Would You Trust A Cryptocurrency Whose Operator Sues Journalists14 May 2025
U.S. Court of Appeals for the Sixth Circuit affirms denial of GIBF GP's motion to compel arbitration in the Michigan investor fraud case (No. 24-1537), ruling that the plaintiffs had not consented to an arbitration clause and that Bitcoin Latinum had waived its arbitration right through prolonged litigation.
BlockTribune — Sixth Circuit Rejects Bitcoin Latinum's Arbitration Bid in Fraud Case17 April 2026
SEC files civil complaint (LR-26530; case no. 1:26-cv-02293, EDNY) against Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation, alleging a $16 million SAFT fraud involving fabricated insurance coverage, a phantom asset-backed trust, and personal misappropriation of investor funds. Relief sought includes permanent injunctions, disgorgement, civil penalties, and an officer-and-director bar.
SEC Litigation Release LR-26530Decision Log
- slot 455362367 · hash 2xZQB6mFsHQBChDfGvBZMwDJzRR3G9a6dZq84uWVN5aC
- slot 426254870 · hash Ci1HodL2CNUakd8YA9uFM8y2umGFCGEBceeJsaH4Jd1i
- slot 426254868 · hash AcxJx3Ljph6R84HAdy3PT81AaJMiC7AFbwQLtKfvhMbJ
- slot 423881608 · hash BoV9ixT73A7PQBaYE6AKiSiPVLHyk66n5HZbbheFSS2n
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 14 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/2/2026, 8:26:09 PM
last updated: 10/10/2026, 6:42:37 PM
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