The post UK SFO Probes $28M Collapse of Basis Markets Crypto Project appeared com. SFO opens first major crypto fraud probe into $28M Basis Markets collapse. Two men were arrested after police raids in London and West Yorkshire. Basis Markets blamed “US regulations” before abruptly shutting down in 2022. The UK’s Serious Fraud Office (SFO) has opened an investigation into the collapse of Basis Markets, a cryptocurrency project that raised $28 million before abruptly shutting down. This call for an investigation comes at a time when the entire crypto market is falling sharply, with the total market cap dropping to about $2. 95 trillion, Bitcoin and Ethereum sliding lower, and fear rising across all major altcoins. Two Arrests After Raids in London and West Yorkshire Earlier this week, SFO investigators, supported by the Metropolitan Police and West Yorkshire Police, carried out coordinated searches at properties in Herne Hill and near Bradford. Two men, one in his thirties and another in his forties, were arrested on suspicion of fraud and money laundering. Did you invest in Basis Markets? We’re appealing to anyone with knowledge of this crypto scheme to get in touch with our team. Hear from SFO investigator Martin Hall on why your information could help our inquiries⬇️ pic. twitter. com/Q3jx7HwjUx Serious Fraud Office (SFO) (@UKSFO) November 20, 2025 Officials say the investigation is still in early stages, but it marks the SFO’s first major case involving cryptocurrency. A Promising Crypto Venture That Suddenly Collapsed Basis Markets raised millions through two public fundraisers in late 2021. The first sale involved non-fungible tokens (NFTs) in November, followed by a second fundraising round in December. Investors were told the team planned to build an advanced “crypto hedge fund.” But by June 2022, the project claimed it could no longer continue, blaming proposed new US regulations for derailing its operations. Many investors questioned whether this was a genuine regulatory setback-or simply an.
