UK SFO Launches Major Crypto Fraud Probe into Basis Markets

The UK’s Serious Fraud Office (SFO) has initiated a major investigation into the collapsed crypto hedge fund, Basis Markets. The inquiry follows public fundraising efforts that raised an estimated $28 million, with the investigation focusing on potential fraud and money laundering linked to key individual Adam Cobb-Webb. 2 men have been arrested in connection to the scheme. Basis Markets’ actions, including NFT sales and token offerings, are currently under scrutiny as investors witnessed a significant price drop of their BASIS token following the news.