Home Bitcoin News Bitcoin Scam A Cryptocurrency Named After The Fictional Cash In Star Trek Is 'Nugatory' And 'A Rip-off,' New Lawsuit Alleges – Forbes

A Cryptocurrency Named After The Fictional Cash In Star Trek Is 'Nugatory' And 'A Rip-off,' New Lawsuit Alleges – Forbes

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The criticism says the Bitcoin Latinum founder lured an investor in with the promise that the producers of Star Trek had already invested $20 million.

An investor in a scarcely-known cryptocurrency known as Bitcoin Latinum — named for a sort of cash that exists solely within the fictional Star Trek universe — says that he was defrauded out of greater than $15 million.

A lawyer for the investor, Arshad Assofi, wrote in a brand new lawsuit submitted earlier this month that the cryptocurrency, which claimed to be “greener” and “sooner” than typical bitcoins, is “nugatory” and a “rip-off.” The legal professional additionally stated in his criticism that Assofi was advised by Bitcoin Latinum’s founder, Don Basile, that the challenge had acquired “$20 million from the producers of Star Trek,” amongst different alleged traders that didn’t exist.

Paramount, the manufacturing firm behind the famed science fiction collection and its quite a few spinoffs, denied any connection to the cryptocurrency.

“Nobody is accustomed to this declare or with this ‘Bitcoin Latinum,’” emailed Jennifer Verti, a Paramount spokesperson. “This isn’t one thing that Star Trek is formally concerned in in any respect.”

In the meantime, Carlos Nevarez, the director of selling for Bitcoin Latinum, advised Forbes by cellphone that Basile by no means asserted an funding from Star Trek producers. Nevarez added that Assofi’s allegations of fraud are “utterly false.”

“So far as I do know, [Assofi] purchased cash and the cash misplaced worth,” he mentioned.

Eugene Rome, Assofi’s legal professional, declined Forbes’ request for remark.

The world of cryptocurrency is awash with scammers and firms that don’t have precise merchandise. In 2021, Gary Gensler, the pinnacle of the Securities and Trade Fee, said that the crypto world is “rife with fraud, scams, and abuse.”

Bitcoin Latinum has been endorsed by Phil Hellmuth, a widely known skilled poker participant. He has been photographed quite a few occasions at poker tables carrying Bitcoin Latinum-emblazoned baseball caps. Consequently, the cryptocurrency has garnered some consideration within the skilled poker neighborhood.

Basile beforehand served as CEO for 2 tech startups — Violin Reminiscence and Fusion-IO — over a decade in the past. Extra just lately, Basile based Roman DBDR, a SPAC based mostly in Las Vegas, amongst different ventures.

Bitcoin Latinum and Basile have been beforehand sued twice earlier this yr by two teams of different separate aggrieved traders who additionally claimed related securities fraud in instances filed in federal courts in Michigan and northern California.

Whereas the northern California lawsuit has since been withdrawn, the Michigan case stays ongoing. Attorneys for Bitcoin Latinum wrote in a court filing final month within the Michigan case that the corporate didn’t violate any securities regulation and “denied that the Plaintiffs have been broken by any conduct of the Defendant.”

In an undated assertion on its web site that seems to have been written in early 2022, Bitcoin Latinum known as these lawsuits “frivolous.” In new courtroom papers submitted Tuesday, Bitcoin Latinum’s attorneys indicated that they’d file a movement to dismiss the case introduced by Assofi.


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