Investor in Bitcoin Latinum Sues Founder Donald Basile, Prompting Controversy
In a surprising turn of events, an investor in the cryptocurrency Bitcoin Latinum has filed a lawsuit against the currency’s founder, Donald Basile. The legal battle, which commenced in the fall of 2022, has garnered significant attention and is now headed for binding arbitration.
The lawsuit, brought forth by Arshad Assofi, alleges that Basile made false claims surrounding the funding of Bitcoin Latinum. Assofi asserts that Basile had touted the project as receiving a staggering $20 million investment from the creators of Star Trek. These allegations have stirred widespread speculation, particularly in light of the growing prevalence of fraud within the cryptocurrency realm, as pointed out by SEC boss Gary Gensler.
Promptly following the lawsuit, Cyrus Farivar, a well-known tech reporter for Forbes, published an article delving into the legal battle. However, unexpected repercussions arose when the corporate entity responsible for Bitcoin Latinum, GIBF GP, Inc., filed a defamation suit against Farivar in Delaware. This move is seen as an attempt to silence criticism and has raised concerns regarding the increasingly common practice known as a SLAPP (Strategic Lawsuit Against Public Participation) suit. Furthermore, Poker.org and its reporter Haley Hintze have also been targeted for an article relating to a separate lawsuit involving Latinum, although confusion persists regarding the accuracy and timing of the pieces in question.
Critics argue that the lawsuit against Farivar presents several troubling factors. The legal action solely targets the individual journalist, without involving his publisher, Forbes. Moreover, the suit demands the removal of the article, a decision that may be beyond Farivar’s control. Additionally, it fails to establish the crucial element of proving actual malice required for a defamation claim. Compounding these concerns is the choice of Delaware as the jurisdiction for the lawsuit, given that both the plaintiff and defendant are based in California, a state with robust anti-SLAPP laws.
The efficacy of these lawsuits is questionable, as they risk drawing further scrutiny to Bitcoin Latinum. This situation underscores the significance of anti-SLAPP laws, which safeguard individuals against legal actions deployed to stifle free speech. As this legal drama unfolds, the cryptocurrency community eagerly awaits the outcome and the potential implications it may hold for the future of Bitcoin Latinum.
Analyst comment
Neutral news.
As an analyst, the lawsuits against Bitcoin Latinum and its founder may bring negative attention and scrutiny to the cryptocurrency. The outcome of the legal battles could impact the reputation and future prospects of Bitcoin Latinum in the market.
