Donald Basile
Founder behind Bitcoin Latinum (LTNM). The SEC charged him in 2026 with defrauding investors of ~$16M by falsely claiming the token was insured and asset-backed, and misappropriating funds for personal use (including a $160,000 horse).
Also known as: Donald G. Basile
Note: The SEC's April 2026 charges against Basile are allegations that have not been adjudicated.
Bio
Donald G. Basile controlled GIBF GP and Monsoon Blockchain Corporation, through which he sold SAFTs for the "Bitcoin Latinum" (LTNM) token. The SEC alleges he made materially false claims — that LTNM was insured (up to $1B) and backed by an existing trust — and diverted millions of the ~$16M raised to personal expenses. [1][2]
Status
The SEC charged Basile (E.D.N.Y.) on April 17, 2026 under the antifraud provisions (Securities Act §17(a), Exchange Act §10(b)/Rule 10b-5), seeking injunctions, disgorgement, penalties, and an officer/director bar. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
