Crypto Founder Allegedly Masterminds $16,000,000 ‘Insured’ Coin Offering, Splurges on Luxury Homes and Horse: SEC

Crypto Founder Allegedly Masterminds $16,000,000 ‘Insured’ Coin Offering, Splurges on Luxury Homes and Horse: SEC

US regulators just filed a complaint against a crypto executive who allegedly carried out a $16 million fraudulent securities offering. The U.S. Securities and Exchange Commission (SEC) says that GIBF GP Inc. and Monsoon Blockchain Corporation founder Donald Basile offered investors Simple Agreements for Future Tokens (SAFTs) that would supposedly allow them to receive a crypto asset called Bitcoin Latinum, BTCL or LTNM once a particular milestone is satisfied. “[T]he SAFT defined Milestone to mean ‘the newly forked Bitcoin Network is operational after a successful Hard Fork with Token functionality as determined by [GIBF] in its sole discretion’.” The securities watchdog says that Basile claimed that LTNM is the world’s first insured digital asset with up to $1 billion coverage from an international insurance broker and risk adviser despite that no insurance company ever issued a policy

Source: https://dailyhodl.com/2026/04/29/crypto-founder-allegedly-masterminds-16000000-insured-coin-offering-splurges-on-luxury-homes-and-horse-sec/