Techub News reported that, according to FinanceFeeds, the U.S. SEC has filed a lawsuit against Donald Basile, accusing him of carrying out a cryptocurrency fraud scheme called “Bitcoin Latinum” between March and December 2021 through Monsoon Blockchain Corp. and GIBF GP Inc., defrauding investors of approximately $16 million. The regulator said investors were told that the token was both asset-backed and insured. The SEC alleges that no insurance coverage actually exists and that no evidence was provided to support these claims.

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