UK Cracks Down on Cryptocurrency Fraud: $28 Million Fund Collapse Under Investigation

The Serious Fraud Office (SFO) of the UK has launched a major investigation into the collapse of a cryptocurrency scheme that raised $28 million, signaling a renewed effort to combat crypto fraud. This high-profile case, involving two suspects arrested on November 20, 2025, marks the SFO’s first significant public announcement in this area. The alleged scam involved a project called Basis Markets, which promised investors returns through sophisticated trading strategies in the hopes of creating a crypto hedge fund. However, the project collapsed in June 2022 when it became apparent that regulatory changes in the US would prevent its operational growth.