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
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.