SEC Sues Crypto Executive Over Alleged Multi-Million Dollar Scheme

The U.S. Securities and Exchange Commission (SEC) has taken legal action against Donald Basile, alleging that he engaged in a multi-million dollar cryptocurrency scheme.

According to the SEC complaint, Basile raised approximately $16M from investors through token agreements referred to as Simple Agreements for Future Tokens (SAFTs).

The agency claims that Basile made false promises about an insured Bitcoin Latinum token, stating that it was backed by up to $1B in protection without evidence.