Serious Fraud Office Launches Investigation into $28 Million Cryptocurrency Scheme
20 November 2025 – London
The UK’s Serious Fraud Office (SFO) has announced the launch of its first major cryptocurrency investigation, focusing on an alleged $28 million fraudulent scheme linked to a digital currency project known as Basis Markets.
The SFO is calling on investors who have information related to the collapse of Basis Markets to come forward and assist with the ongoing inquiry. This latest probe represents a significant move to tackle crime in the rapidly evolving cryptocurrency sector.
Details of the Investigation and Arrests
The investigation was initiated following indications of suspected fraud and money laundering activities connected to the Basis Markets project. To advance their inquiries, the SFO conducted coordinated raids targeting properties in Herne Hill, London, and near Bradford in West Yorkshire.
Supported by the Metropolitan Police and West Yorkshire Police, these operations led to the arrest of two men—one in his thirties and another in his forties—on suspicion of multiple offenses including fraud and money laundering.
Background of Basis Markets Scheme
Basis Markets reportedly raised approximately US$28 million through two public fundraising events. The first took place in November 2021 through the sale of non-fungible tokens (NFTs), followed by another fundraiser in December 2021 aimed at establishing a cryptocurrency hedge fund.
However, by June 2022, investors were informed that the project could no longer proceed as intended due to impending regulatory changes proposed by US authorities. This development precipitated the collapse of Basis Markets, leaving investors seeking answers about the fate of their investments.
Official Statements and Call for Public Assistance
Nick Ephgrave QPM, Director of the Serious Fraud Office, emphasized the agency’s commitment to combating fraud in the cryptocurrency realm:
“With our expanding cryptocurrency capability and growing expertise in this area, we are determined to pursue anyone who would seek to use cryptocurrency to defraud investors. Today’s action is an important step in our investigation, and we’re urging anyone with information to come forward and support our enquiries.”
Ellie Reeves MP, Solicitor General, underscored the wider impact of fraud and the importance of addressing it effectively:
“Fraud is a destructive crime that harms communities and destroys business confidence. Those committing fraud aren’t just taking away from hard-working members of the public but undermining British values of fairness and playing by the rules.
As Solicitor General, I will resolutely support the Serious Fraud Office to tackle the scourge of cryptocurrency fraud and protect consumers. I urge anyone with information to come forward and assist the SFO with their investigations.”
How to Provide Information
Investors or members of the public with information relevant to the Basis Markets investigation are encouraged to contact the SFO directly via email at [email protected].
This move signals a growing resolve by UK authorities to regulate and enforce laws in the cryptocurrency sector, ensuring that investors are protected from fraudulent schemes exploiting emerging technologies.
Contact for the Press:
Email: [email protected]
Out of hours press office: +44 (0)7557 009842
For further information, visit the Serious Fraud Office official website.