Donald Basile / Bitcoin Latinum (LTNM) / Monsoon Blockchain Corporation

2020-11-01

Bitcoin Latinum announced as newly launched project. Press releases cited Marsh McLennan as arranger of proposed insurance program for LTNM, describing the token as set to become 'the world's largest insured digital asset.'

2021-03-01

SAFT offering commences. Basile, through GIBF GP, Inc. and Monsoon Blockchain Corporation, begins selling Simple Agreements for Future Tokens to U.S. investors, according to the SEC complaint.

2021-06-01

At a fundraising meeting, Basile allegedly told investor Arshad Assofi that Bitcoin Latinum had received $20 million from the producers of Star Trek, that a Dubai investor would contribute $100 million, and that the token launch would occur in early-to-mid November 2021 with no lockup.

2021-10-01

LTNM listed on overseas cryptocurrency exchanges. Token price reported at approximately $200 at launch.

2021-12-01

SAFT offering closes. Approximately $16 million raised from hundreds of U.S. investors over the course of the offering.

2022-01-01

Bitcoin Latinum announces plans for 2022 exchange listings, claiming to trade on approximately ten exchanges and targeting twenty more. LTNM price has fallen below $16, a decline exceeding 90% from its October 2021 peak.

2022-02-01

Civil lawsuit filed in U.S. District Court, Eastern District of Michigan (case no. 22-10208) by Raymond Jonna, Simon Jonna, and Farid Jamardov against Bitcoin Latinum, Kevin Jonna, and GIBF GP, Inc., alleging securities fraud, wire fraud, and fraudulent conversion involving approximately $500,000.

2022-11-01

Arshad Assofi files civil lawsuit in U.S. District Court, Central District of California against GIBF GP, Inc. and Donald Basile, alleging fraud totaling more than $15.5 million. The complaint alleges Basile made false claims about Star Trek backing and a Dubai investor.

2022-11-01

Forbes journalist Cyrus Farivar publishes article titled 'A Cryptocurrency Named After The Fictional Money In Star Trek Is Worthless,' reporting on the Assofi lawsuit.

2024-02-07

GIBF GP, Inc. files defamation suits in Delaware Court of Chancery against Forbes journalist Cyrus Farivar and Poker.org journalist Haley Hintze over articles reporting on Bitcoin Latinum fraud lawsuits. Legal observers characterize the suits as SLAPPs with multiple procedural defects.

2025-05-14

U.S. Court of Appeals for the Sixth Circuit affirms denial of GIBF GP's motion to compel arbitration in the Michigan investor fraud case (No. 24-1537), ruling that the plaintiffs had not consented to an arbitration clause and that Bitcoin Latinum had waived its arbitration right through prolonged litigation.

2026-04-17

SEC files civil complaint (LR-26530; case no. 1:26-cv-02293, EDNY) against Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation, alleging a $16 million SAFT fraud involving fabricated insurance coverage, a phantom asset-backed trust, and personal misappropriation of investor funds. Relief sought includes permanent injunctions, disgorgement, civil penalties, and an officer-and-director bar.