UK SFO Arrests Two Over $28M Basis Markets Crypto Case

UK Serious Fraud Office Arrests Two Over $28 Million Basis Markets Crypto Case

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 21, 2025

Key Takeaways

The UK Serious Fraud Office arrested two men linked to Basis Markets’ $28 million crypto loss;
Basis Markets raised millions through NFT and token sales before suddenly collapsing;
The SFO continues its probe into suspected fraud and urges the public to share any details.

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The UK Serious Fraud Office (SFO) confirmed it has arrested two men linked to Basis Markets, a digital investment fund accused of misleading supporters and misusing about $28 million.

Officers carried out searches in Herne Hill and near Bradford, where they took electronic equipment and paperwork that may contain key evidence.

The individuals, whose names have not been released, are suspected of fraud and money laundering connected to fundraising activities in December 2021.

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According to the SFO, Basis Markets attracted money through two public investment rounds. In November 2021, it sold NFT-based memberships, followed by a token sale the next month. These efforts raised around $28 million.

The money was intended to support what the company described as a "crypto hedge fund" that used market arbitrage to deliver profits to small investors.

However, the project collapsed after raising the funds, which left contributors with no answers about how their money was used. The SFO is currently examining whether those involved misled investors or used the funds for unlawful purposes.

SFO Director Nick Ephgrave stated:

With our expanding cryptocurrency capability, we are determined to pursue anyone who would seek to use cryptocurrency to defraud investors.

The agency said its investigation remains active and is calling on anyone with information about Basis Markets or its activities to come forward.

Recently, a man from California, who used the nickname "Shrek", pleaded guilty to helping a group steal large sums of cryptocurrency. How did the case unfold? Read the full story.