Bitcoin Latinum (LTNM)
A ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
Also known as: Bitcoin Latinum, LTNM, BTCL, Monsoon Blockchain
Note: The SEC's April 2026 charges are allegations that have not been adjudicated.
Summary
From around March–December 2021, Donald G. Basile — through entities GIBF GP and Monsoon Blockchain Corporation — raised about $16 million from hundreds of investors by selling "Simple Agreements for Future Tokens" (SAFTs) promising a future crypto asset called "Bitcoin Latinum" (LTNM/BTCL). [1][2]
The alleged fraud
Per the SEC, Basile falsely told investors LTNM was "the world's first insured digital asset" with up to $1 billion of coverage (no policy existed) and was "asset-backed" by an "existing trust" (none was ever created), and that 80%+ of proceeds would support the token — while he diverted millions to personal expenses including real estate, credit-card payments, and a $160,000 horse. LTNM was never properly launched and became worthless. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
See also
$MELANIA tokenMarket manipulationA Solana memecoin announced by Melania Trump on Jan 19, 2025. Per FT analysis, ~24 wallets bought in minutes before the public announcement and netted ~$99.6M as retail piled in; the token then fell 95%+. Early buys were traced to wallets linked to $LIBRA figure Hayden Davis. No charges have been filed.
$TRUMP tokenMarket manipulationA Solana memecoin launched days before Donald Trump's second inauguration (Jan 2025). Trump-linked entities hold 80% of supply and earned $320M+ in fees while ~760,000 mostly-retail wallets lost money; a 'dinner with the president' promotion for top holders drew conflict-of-interest scrutiny. The 'scam' label is contested and no charges have been filed.
This page was last updated on Jun 15, 2026. View revision history.
