SFO launches first major crypto investigation into $28m scheme

The Serious Fraud Office (SFO) has launched a first-of-its-kind investigation into suspected fraud in a $28m crypto scheme.

It has asked investors in the scheme to come forward with any information they hold about the collapse of the scheme, Basis Markets. Two raids in London and West Yorkshire have led to the arrests of two men on suspicious of multiple fraud and money laundering offences.

Basis Markets had raised approximately $28m via two public fundraisers – one in November 2021 via the sale of non-fungible tokens, and the other in December 2021, using funds to create a “crypto hedge fund”. In June 2022, investors were told that the project would not proceed as planned due to incoming US regulations.