UK Investigates Crypto Fraud Following $28 Million Basis Markets Collapse

The Serious Fraud Office (SFO) is investigating the collapse of crypto project Basis Markets, which raised $28 million before abruptly shutting down in June 2022. Following a sudden closure and lack of transparency, SFO investigators, aided by law enforcement partners, conducted raids at properties associated with the project’s founders. Two men were arrested on charges related to fraud and money laundering. The SFO has yet to reveal specifics about how funds were spent or the exact reasons behind Basis Markets’ abrupt shutdown.