SEC sues crypto founder, alleging $16M token fraud built on phantom insurance

That's the thrust of a civil action the agency filed on April 17, 2026, in federal court in Brooklyn against Donald G. Basile and two companies he ran, GIBF GP, Inc. and Monsoon Blockchain Corporation. The case, SEC v. Basile, No. 1:26-cv-02293 (E.D.N.Y.), centers on a 2021 offering of Simple Agreements for Future Tokens — SAFTs — tied to a crypto asset variously branded as Bitcoin Latinum, BTCL, or LTNM.