UK Unveils Major Crypto Fraud Case Targeting Basis Markets

The UK’s Serious Fraud Office (SFO) has taken a significant step in combating crypto fraud with the arrest of two suspects linked to Basis Markets, a defunct venture that raised $28 million through NFT-based fundraising campaigns. This unprecedented action marks the SFO’s first major criminal enforcement case concerning cryptocurrency-related fraud. The arrests follow coordinated raids on November 20th targeting the suspects in London and Bradford, with officers focusing on evidence related to fraud and money laundering charges.