The U.S. Securities and Exchange Commission (SEC) accuses Bitcoin Latinum (LTNM) founder Donald G. Basile of raising approximately $16 million through SAFT (Simple Agreement for Future Tokens) and alleged fraud

robot
Abstract generation in progress

Wu reported that the U.S. Securities and Exchange Commission (SEC) has sued Bitcoin Latinum (LTNM) founder Donald G. Basile and his controlled GIBF GP and 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 up to $1 billion in insurance coverage, 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 purchasing a $160k horse.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin