The Serious Fraud Office (SFO) launches first major cryptocurrency investigation into suspected fraud
The Serious Fraud Office (SFO) today issued an appeal for investors to come forward with any information they hold about the collapse of a $28 million cryptocurrency scheme called Basis Markets.
The SFO launched an investigation into the suspected fraudulent scheme with two raids in West Yorkshire and London.
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Investigators, supported by the Metropolitan Police and West Yorkshire Police, searched properties in Herne Hill and near Bradford, arresting two men, one in his thirties and another in his forties, on suspicion of multiple fraud and money laundering offences.
Basis Markets raised approximately US$28m via two public fundraisers, one in November 2021 via the sale of non-fungible tokens and the other in December 2021, using funds to create a “crypto hedge fund”.
In June 2022 investors were informed that, due to proposed new US regulations, the project could no longer proceed as planned.
This is the first major cryptocurrency case announced by the SFO.
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Nick Ephgrave QPM, Director of the Serious Fraud Office (SFO), said:
Solicitor General Ellie Reeves MP said:
Investors can contact the SFO with information about this investigation at BasisMarkets@sfo.gov.uk.
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