UK Authorities Arrest Duo in $28 Million Basis Markets Crypto Fraud

UK authorities have taken significant steps in tackling a massive crypto fraud case involving the now-shuttered project, Basis Markets. The arrests of two individuals are a testament to growing regulatory focus on digital assets, particularly those utilizing NFT fundraising methods. 2021 saw Basis Markets attract nearly $28 million through initial coin offerings (ICOs) and promises of high returns, but their operations ceased abruptly in June 2022, leaving investors with substantial losses. The investigation highlights a concerning trend: the potential for unscrupulous actors to manipulate the blockchain space through fraudulent fundraising techniques.