The SEC charged Donald G. Basile and two controlled entities with allegedly defrauding hundreds of investors in a $16 million Simple Agreements for Future Tokens ("SAFT") offering tied to Bitcoin Latinum / LTNM. The SEC alleged false claims that LTNM was the “world’s first insured digital asset” with up to $1 billion in coverage, that it was asset-backed, and that offering proceeds would support LTNM’s value, while Basile allegedly used millions of investor funds for personal expenses.