The UK's Serious Fraud Office (SFO) announced on Thursday it was investigating the defunct crypto project Basis Markets, which abruptly shut down in late 2021 after raising around $28 million through an NFT membership sale and token offering. Investigators have executed search warrants in London and West Yorkshire, arrested two men and seized digital devices and documents. According to the SFO, Basis Markets had promised investors a low-risk yield, but by June 2022, investors were told "the project could not proceed as planned due to newly proposed regulation in the US".
Investigations have revealed that funds may have been transferred directly into personal wallets controlled by anonymous teams. "With our expanding cryptocurrency investigative capabilities, we are determined to pursue anyone who attempts to defraud investors using cryptocurrencies," said Nick Ephgrave, director of the SFO. BASIS tokens fell nearly 40 per cent at one point after the UK authorities announced the investigation.
UK Serious Fraud Office probes 28 million dollar crypto fund crash, two arrested
2025-11-21 01:54:05
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