Wu Blockchain has learned that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Bitcoin Latinum (LTNM) founder Donald G. Basile, along with GIBF GP and Monsoon Blockchain under his control. The SEC accuses them of raising approximately $16 million through SAFT (Simple Agreement for Future Tokens) and engaging in fraud. According to the SEC, the defendants claimed that LTNM was the 'world's first insured digital asset' with up to $1 billion in insurance coverage and described it as an 'asset-backed cryptocurrency.' However, in reality, there was no insurance or asset-backed arrangement. Additionally, they claimed that over 80% of the funds would be used to support the token's value, but instead, the funds were misappropriated for personal use, including real estate, credit card expenses, and the purchase of a $160,000 horse. https://(wublock123.com)/news/sec-accuses-bitcoin-latinum-founder-donald-basile-saft-fraud-16m-59721