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Every state-changing event for Donald G. Basile / Bitcoin Latinum (LTNM): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-09-15 23:13:41Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"b3ce764c-5d75-4555-a2cd-91fb0ac511a2","kind":"publish","page_slug":"donald-g-basile-bitcoin-latinum-ltnm","published_at":"2026-09-15T23:13:41.152Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Donald G. Basile / Bitcoin Latinum (LTNM)","sections":[{"content":"On April 17, 2026, the Securities and Exchange Commission filed a civil complaint in the Eastern District of New York (case reference SEC litigation release LR-26530) against Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation. The complaint alleges violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Rule 10b-5, as well as aiding and abetting violations. The SEC alleges that between March and December 2021, the defendants raised approximately $16 million from hundreds of U.S. and international investors through fraudulent Simple Agreements for Future Tokens (SAFTs) promising future delivery of Bitcoin Latinum (LTNM) tokens. These are civil allegations; no conviction or adjudication has been entered as of this writing. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains with interest, civil penalties, a ban on future securities offerings, and a permanent bar from serving as an officer or director of a public company.","heading":"SEC Civil Fraud Action (April 2026)","severity":"critical","sources":[{"credibility":1,"name":"SEC.gov — Donald G. Basile, GIBF GP, Inc, and Monsoon Blockchain Corporation (LR-26530)","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"credibility":1,"name":"SEC Complaint (comp26530.pdf)","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2026/comp26530.pdf"},{"credibility":1,"name":"InvestmentNews — SEC sues crypto founder alleging $16M token fraud built on phantom insurance","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":"Morrison Foerster — Top 5 SEC Enforcement Developments for April 2026","type":"research","url":"https://www.mofo.com/resources/insights/260528-top-5-sec-enforcement-developments-for-april-2026"}]},{"content":"According to the SEC complaint, Basile marketed Bitcoin Latinum (LTNM) as 'the world's first insured digital asset' with coverage allegedly reaching up to $1 billion from an international insurance broker. The SEC states that no insurance company ever issued such a policy, and no insurance coverage of any kind existed. The complaint further alleges Basile falsely represented LTNM as an 'asset-backed cryptocurrency' secured by an 'existing trust' holding diversified digital assets including Bitcoin and Ethereum. The SEC alleges no such trust or underlying asset pool was ever created. Basile also allegedly told investors that at least 80% of SAFT offering proceeds would be used to support the underlying value of LTNM or would flow into an underlying fund — a representation that the SEC claims was false. These are allegations contained in the SEC's civil complaint; Basile has not, as of this investigation date, publicly admitted or been adjudicated to have made these misrepresentations.","heading":"Alleged Misrepresentations: Phantom Insurance and Asset Backing","severity":"critical","sources":[{"credibility":1,"name":"SEC.gov — LR-26530 Litigation Release","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"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":"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/"}]},{"content":"The SEC alleges that rather than directing at least 80% of investor proceeds toward LTNM development as promised, Basile diverted more than 80% of the approximately $16 million raised to personal expenses. According to the complaint as reported by multiple outlets, the alleged personal expenditures include approximately $4.1 million toward a Miami condominium, approximately $2.8 million toward a Park City, Utah residence, approximately $1.4 million in payments on his personal American Express card, approximately $1 million transferred to accounts controlled by Basile or his family members, and $160,000 for the purchase of a thoroughbred horse for his daughter. The total alleged personal expenditure identified in the complaint is approximately $9.46 million out of the $16 million raised. These expenditure figures are drawn from the SEC's civil complaint and have not been adjudicated.","heading":"Alleged Misappropriation of Investor Funds","severity":"critical","sources":[{"credibility":1,"name":"InvestmentNews — SEC sues crypto founder alleging $16M token fraud built on phantom insurance","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":"The Daily Hodl — Crypto Founder Allegedly Masterminds $16,000,000 'Insured' Coin Offering, Splurges on Luxury Homes and Horse","type":"news_article","url":"https://dailyhodl.com/2026/04/29/crypto-founder-allegedly-masterminds-16000000-insured-coin-offering-splurges-on-luxury-homes-and-horse-sec/"},{"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 was developed by Monsoon Blockchain Corporation on behalf of what Basile called the Bitcoin Latinum Foundation. The project marketed LTNM as a proof-of-stake cryptocurrency forked from the Bitcoin network. The token was listed on several overseas trading platforms beginning in October 2021, including DigiFinex and Hotbit, and was marketed as the eighth listing when it appeared on Hotbit in November 2021. According to reporting, the token's quoted price fell from approximately $200 to under $16 by late January 2022. The token was never listed on major regulated exchanges and ultimately became valueless. Investors reportedly lost their entire investment. The SAFT fundraising occurred between March and December 2021, overlapping with the token's public listing period.","heading":"Token History and Market Collapse","severity":"high","sources":[{"credibility":3,"name":"Yahoo Finance — Bitcoin Latinum Continues Expansion Strategy with Eighth Listing on Hotbit","type":"other","url":"https://finance.yahoo.com/news/next-generation-cryptocurrency-bitcoin-latinum-104400138.html"},{"credibility":3,"name":"Fintechfutures — Bitcoin Latinum (LTNM) Announces Upcoming Public Listing on DigiFinex","type":"other","url":"https://www.fintechfutures.com/press-releases/bitcoin-latinum-ltnm-announces-upcoming-public-listing-on-digifinex-exchange"},{"credibility":1,"name":"InvestmentNews — SEC sues crypto founder alleging $16M token fraud built on phantom insurance","type":"news_article","url":"https://www.investmentnews.com/regulation-legal-compliance/sec-sues-crypto-founder-alleging-16m-token-fraud-built-on-phantom-insurance/266228"}]},{"content":"Before the SEC action, Bitcoin Latinum and Donald Basile faced multiple private civil suits. In February 2022, three plaintiffs filed suit in the Eastern District of Michigan (Case No. 22-CV-10208), alleging that Bitcoin Latinum and an executive named Kevin Jonna diverted and misappropriated at least $540,000 in investment funds and offered unregistered securities. In June 2024, the court denied Bitcoin Latinum's motion to compel arbitration in that case, and litigation was ongoing as of the SEC filing date. Separately, in November 2022, investor Arshad Assofi filed a civil lawsuit in Northern California against GIBF GP, Inc. and Donald Basile, alleging he was defrauded of more than $15 million. Assofi's complaint alleged, among other things, that Basile falsely claimed LTNM had received $20 million from Star Trek producers and would launch 100,000 ATMs by end of 2022. A Forbes report from November 2022 described the token as 'worthless' and 'a scam' based on Assofi's suit. According to poker industry reporting, the Northern California suit was subsequently withdrawn, while the Michigan case remained active. None of these private lawsuits have resulted in published adjudications on the merits as of the current investigation date.","heading":"Prior Civil Litigation and Investor Complaints","severity":"high","sources":[{"credibility":1,"name":"Forbes — A Cryptocurrency Named After The Fictional Money In Star Trek Is 'Worthless' And 'A Scam,' New Lawsuit Alleges","type":"news_article","url":"https://www.forbes.com/sites/cyrusfarivar/2022/11/30/a-cryptocurrency-named-after-the-fictional-money-in-star-trek-is-worthless-and-a-scam-new-lawsuit-alleges/"},{"credibility":1,"name":"CourtListener — Jonna v. Bitcoin Latinum","type":"court_filing","url":"https://www.courtlistener.com/opinion/9756182/jonna-v-bitcoin-latinum/"},{"credibility":2,"name":"BlockTribune — Judge Denies Bitcoin Latinum's Motion to Compel Arbitration in $500K Crypto Lawsuit","type":"news_article","url":"https://blocktribune.com/judge-denies-bitcoin-latinums-motion-to-compel-arbitration-in-500k-crypto-lawsuit/"},{"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":"Professional poker player Phil Hellmuth, a 16-time World Series of Poker bracelet winner, served as a paid endorser for Bitcoin Latinum and was previously listed as an angel investor. Hellmuth appeared alongside Basile at Bitcoin Latinum promotional events, including a Miami gala during Art Basel in December 2021, and publicly referred to Basile as 'my guy' on Twitter. Hellmuth is not named as a defendant in the SEC complaint or in any of the reported private lawsuits. His involvement is documented as a promotional and marketing relationship. Neither the SEC complaint nor any court filing reviewed for this investigation attributes any fraudulent conduct to Hellmuth.","heading":"Celebrity Endorsement: Phil Hellmuth","severity":"low","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":3,"name":"Globe Newswire — Bitcoin Latinum Hosts Historic Miami Art Basel Metaverse Party","type":"other","url":"https://www.globenewswire.com/news-release/2021/12/04/2346091/0/en/Bitcoin-Latinum-Hosts-Historic-Miami-Art-Basel-Metaverse-Party.html"}]},{"content":"Donald G. Basile holds an MS and PhD in electrical engineering, reportedly from Stanford University, and has described himself as having over 20 years of experience in technology, crypto, blockchain, storage, security, telecommunications, healthcare, and private equity. He is noted in public records as a former CEO of Fusion-io, a storage technology company that partnered with Apple, Facebook, HP, IBM, and Dell, and that went public on the NYSE in 2011. Basile founded Monsoon Blockchain Corporation, which he described as the developer of Bitcoin Latinum on behalf of the Bitcoin Latinum Foundation, and he was the general partner of GIBF GP, Inc., the entity through which SAFTs were sold to investors. His professional background was cited extensively in Bitcoin Latinum marketing materials.","heading":"Background: Donald G. Basile","severity":"low","sources":[{"credibility":3,"name":"Bitcoin Latinum — CEO Dr. Donald Basile Featured on Sarson Funds AMA","type":"official","url":"https://bitcoinlatinum.com/blog-post/ceo-dr-donald-basile-featured-on-sarson-funds-ask-me-anything-interview/"},{"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/"}]},{"content":"As of September 2026, the SEC's civil complaint (LR-26530) filed in the Eastern District of New York on April 17, 2026 remains an open civil action. It is a complaint — an accusation — and no judgment, settlement, or adjudication on the merits has been publicly reported. The Michigan private civil litigation (Jonna v. Bitcoin Latinum, No. 22-CV-10208) remained active after the court denied arbitration in June 2024; no final judgment in that case has been reported. No criminal charges against Basile have been reported by any credible outlet as of the investigation date. This page will require updating as the SEC case and private litigation progress.","heading":"Case Status and Outstanding Proceedings","severity":"medium","sources":[{"credibility":1,"name":"SEC.gov — LR-26530 Litigation Release","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"credibility":1,"name":"CourtListener — Jonna v. Bitcoin Latinum","type":"court_filing","url":"https://www.courtlistener.com/opinion/9756182/jonna-v-bitcoin-latinum/"},{"credibility":1,"name":"Law360 — SEC Brings Fraud Suit Over Bitcoin Latinum Crypto Offering","type":"news_article","url":"https://www.law360.com/articles/2466988/sec-brings-fraud-suit-over-bitcoin-latinum-crypto-offering"}]}],"sources_used":[{"credibility":1,"name":"SEC.gov — Donald G. Basile, GIBF GP, Inc, and Monsoon Blockchain Corporation (LR-26530)","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"credibility":1,"name":"SEC Complaint comp26530.pdf","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2026/comp26530.pdf"},{"credibility":1,"name":"InvestmentNews — SEC sues crypto founder alleging $16M token fraud built on phantom insurance","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":"Forbes — A Cryptocurrency Named After The Fictional Money In Star Trek Is 'Worthless' And 'A Scam,' New Lawsuit Alleges","type":"news_article","url":"https://www.forbes.com/sites/cyrusfarivar/2022/11/30/a-cryptocurrency-named-after-the-fictional-money-in-star-trek-is-worthless-and-a-scam-new-lawsuit-alleges/"},{"credibility":1,"name":"Law360 — SEC Brings Fraud Suit Over Bitcoin Latinum Crypto Offering","type":"news_article","url":"https://www.law360.com/articles/2466988/sec-brings-fraud-suit-over-bitcoin-latinum-crypto-offering"},{"credibility":1,"name":"CourtListener — Jonna v. Bitcoin Latinum (No. 22-CV-10208)","type":"court_filing","url":"https://www.courtlistener.com/opinion/9756182/jonna-v-bitcoin-latinum/"},{"credibility":2,"name":"Morrison Foerster — Top 5 SEC Enforcement Developments for April 2026","type":"research","url":"https://www.mofo.com/resources/insights/260528-top-5-sec-enforcement-developments-for-april-2026"},{"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":"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/"},{"credibility":2,"name":"The Daily Hodl — Crypto Founder Allegedly Masterminds $16,000,000 'Insured' Coin Offering, Splurges on Luxury Homes and Horse","type":"news_article","url":"https://dailyhodl.com/2026/04/29/crypto-founder-allegedly-masterminds-16000000-insured-coin-offering-splurges-on-luxury-homes-and-horse-sec/"},{"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":"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":"BlockTribune — Judge Denies Bitcoin Latinum's Motion to Compel Arbitration in $500K Crypto Lawsuit","type":"news_article","url":"https://blocktribune.com/judge-denies-bitcoin-latinums-motion-to-compel-arbitration-in-500k-crypto-lawsuit/"},{"credibility":2,"name":"Lowenstein Sandler — Crypto Brief April 23, 2026","type":"research","url":"https://www.lowenstein.com/news-insights/newsletters/crypto-brief-april-23-2026"},{"credibility":3,"name":"Globe Newswire — Bitcoin Latinum Hosts Historic Miami Art Basel Metaverse Party","type":"other","url":"https://www.globenewswire.com/news-release/2021/12/04/2346091/0/en/Bitcoin-Latinum-Hosts-Historic-Miami-Art-Basel-Metaverse-Party.html"},{"credibility":3,"name":"Yahoo Finance — Bitcoin Latinum Continues Expansion Strategy with Eighth Listing on Hotbit","type":"other","url":"https://finance.yahoo.com/news/next-generation-cryptocurrency-bitcoin-latinum-104400138.html"},{"credibility":3,"name":"Bitcoin Latinum Official Blog — CEO Dr. Donald Basile Featured on Sarson Funds AMA","type":"official","url":"https://bitcoinlatinum.com/blog-post/ceo-dr-donald-basile-featured-on-sarson-funds-ask-me-anything-interview/"}],"summary":"Donald G. Basile is the founder of Bitcoin Latinum (LTNM) and CEO of Monsoon Blockchain Corporation. On April 17, 2026, the U.S. Securities and Exchange Commission filed a civil fraud complaint against Basile and two entities he controlled — GIBF GP, Inc. and Monsoon Blockchain Corporation — alleging he raised approximately $16 million from hundreds of investors through materially false statements about nonexistent insurance coverage and asset backing. The SEC alleges more than 80% of investor funds were diverted to personal use, including real estate purchases and a $160,000 horse. The case is a civil action; no criminal charges have been reported as of the investigation date.","timeline":[{"date":"2021-03-01","event":"Bitcoin Latinum SAFT fundraising begins. Basile, through GIBF GP, Inc. and Monsoon Blockchain Corporation, begins soliciting investors with promises of a $1 billion-insured, asset-backed token.","source":"SEC LR-26530 / 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 listed on overseas trading platforms including DigiFinex. Token trades at approximately $200 at or around launch.","source":"InvestmentNews / Fintechfutures","source_url":"https://www.fintechfutures.com/press-releases/bitcoin-latinum-ltnm-announces-upcoming-public-listing-on-digifinex-exchange"},{"date":"2021-11-01","event":"LTNM listed on Hotbit, described as the token's eighth exchange listing.","source":"Yahoo Finance","source_url":"https://finance.yahoo.com/news/next-generation-cryptocurrency-bitcoin-latinum-104400138.html"},{"date":"2021-12-01","event":"Bitcoin Latinum hosts promotional event at Miami Art Basel attended by paid endorser Phil Hellmuth.","source":"Globe Newswire","source_url":"https://www.globenewswire.com/news-release/2021/12/04/2346091/0/en/Bitcoin-Latinum-Hosts-Historic-Miami-Art-Basel-Metaverse-Party.html"},{"date":"2021-12-31","event":"SAFT fundraising closes. Approximately $16 million raised from hundreds of investors in the U.S. and abroad.","source":"SEC LR-26530","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"},{"date":"2022-01-31","event":"LTNM price falls from approximately $200 to under $16, according to reporting on the SEC complaint.","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":"Private civil lawsuit filed in the Eastern District of Michigan (No. 22-CV-10208) by three plaintiffs alleging misappropriation of at least $540,000 in investments and unregistered securities sales.","source":"CourtListener — Jonna v. Bitcoin Latinum","source_url":"https://www.courtlistener.com/opinion/9756182/jonna-v-bitcoin-latinum/"},{"date":"2022-11-30","event":"Investor Arshad Assofi files civil lawsuit in Northern California against GIBF GP, Inc. and Basile, alleging fraud totaling over $15 million. Forbes reports on the suit, describing the token as 'worthless' and 'a scam' per the complaint.","source":"Forbes / Poker.org","source_url":"https://www.forbes.com/sites/cyrusfarivar/2022/11/30/a-cryptocurrency-named-after-the-fictional-money-in-star-trek-is-worthless-and-a-scam-new-lawsuit-alleges/"},{"date":"2024-06-17","event":"Eastern District of Michigan denies Bitcoin Latinum's motion to compel arbitration in the Jonna case. Private litigation continues.","source":"CourtListener / BlockTribune","source_url":"https://blocktribune.com/judge-denies-bitcoin-latinums-motion-to-compel-arbitration-in-500k-crypto-lawsuit/"},{"date":"2026-04-17","event":"SEC files civil fraud complaint (LR-26530) in the Eastern District of New York against Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation, alleging $16 million in securities fraud via fraudulent SAFT offerings.","source":"SEC.gov — LR-26530","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530"}]},"v":1}

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