SFO investigates Basis Markets: suspected fraud worth $28 million

The investigation could lead to changes in crypto market regulation.

UK investigates $28 million case against Basis Markets

01.12.2025 - 12:40

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1 min

Key points:

The UK SFO has launched its first investigation into crypto fraud against Basis Markets, which is suspected of illegally raising $28 million.
Two people have been arrested in connection with the case, and the regulator is tightening its control over the digital asset market.

The UK Serious Fraud Office (SFO) has launched its first investigation into cryptocurrencies. It concerns Basis Markets, which is suspected of raising $28 million under questionable circumstances.

Basis Markets positioned itself as a cryptocurrency hedge fund that used algorithmic trading with minimal risk. Investors could purchase non-fungible tokens (NFTs) that provided access to specific profit distribution groups.

However, in June 2022, the project unexpectedly ceased operations, citing new requirements from US regulators. At the same time, it did not provide investors with either a refund or any explanation for its decision.

Investigators are looking into possible fraudulent activities during the fundraising campaign. As part of the case, police arrested two people in London and West Yorkshire.

The investigation could lead to changes in the oversight of crypto projects and affect user confidence. So far, exchanges have not commented on the situation, and the impact on specific tokens has not been confirmed.

Experts believe that the outcome of the case could strengthen transparency requirements and change investor behavior. SFO Director Nick Ephgrave said the agency intends to prosecute anyone who uses cryptocurrencies to defraud, and urged people to share information.

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