Wu Shuo learned that the U.S. Securities and Exchange Commission (SEC) has sued Bitcoin Latinum (LTNM) founder Donald G. Basile and his controlled GIBF GP along with Monsoon Blockchain, accusing them of raising approximately $16 million through SAFT (Simple Agreement for Future Tokens) and engaging in fraud. The SEC states that the defendants claimed LTNM was "the world's first insured digital asset," with insurance coverage of up to $1 billion, and claimed it was an "asset-backed cryptocurrency," but in reality, there was no insurance or asset backing arrangement. Additionally, they claimed that over 80% of the funds would be used to support the token's value, but in fact, the funds were diverted for personal use, including real estate, credit card expenses, and the purchase of a $160,000 horse.