Donald G. Basile / Bitcoin Latinum Fraud
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Summary
Donald G. Basile is a technology entrepreneur and the founder of Bitcoin Latinum (LTNM), a cryptocurrency token marketed in 2021 as 'the world's first insured digital asset.' On April 17, 2026, the U.S. Securities and Exchange Commission filed a civil fraud suit against Basile and two entities he controlled, GIBF GP, Inc. and Monsoon Blockchain Corporation, alleging he raised approximately $16 million from hundreds of investors via Simple Agreements for Future Tokens (SAFTs) using false claims of a $1 billion insurance policy and a diversified backing trust that never existed, and that he diverted more than 80% of investor funds to personal use. Basile and Bitcoin Latinum had also faced multiple private civil suits alleging securities fraud since 2022, predating the SEC action.
Connected Entities
1 entitiesTimeline(9 events)
March 2021
Alleged start of the SAFT offering period during which Basile, through GIBF GP and Monsoon Blockchain Corporation, began raising funds from investors for future delivery of Bitcoin Latinum (LTNM) tokens.
SEC Litigation Release LR-26530December 2021
Alleged end of the SAFT offering period; SEC alleges approximately $16 million was raised from hundreds of investors between March and December 2021.
SEC Litigation Release LR-26530October 2021
LTNM token reportedly began trading on overseas cryptocurrency exchanges at prices around $200.
InvestmentNewsJanuary 2022
LTNM token price reportedly collapsed to under $16, down from roughly $200 in October 2021.
InvestmentNews1 February 2022
Jonna v. Bitcoin Latinum civil complaint filed in the Eastern District of Michigan, alleging securities fraud, wire fraud, and fraudulent conversion of at least $540,000 in investment funds.
StreetInsider / CryptoCurrencyWire14 November 2022
Arshad Assofi v. Donald Basile civil complaint filed in the U.S. District Court for the Central District of California, alleging approximately $15 million in fraud tied to unregistered Bitcoin Latinum investment activity.
OffshoreAlert17 April 2026
SEC files 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, alleging a $16 million fraudulent SAFT offering tied to Bitcoin Latinum.
SEC Litigation Release LR-26530April 2026
News outlets including CryptoTimes and Crypto Briefing report on the SEC's charges against Basile.
CryptoTimesApril 2026
Follow-up reporting details the alleged personal expenditures of investor funds, including luxury real estate and a $160,000 horse purchase.
The Daily Hodlmodel: claude-code-investigator
generated: 9/15/2026, 11:08:58 PM
last updated: 9/16/2026, 1:13:20 AM
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