Overview
- Investigators searched properties in Herne Hill, London, and near Bradford with Metropolitan and West Yorkshire Police, arresting two men in their 30s and 40s on suspicion of fraud and money laundering.
- Basis Markets raised about $28 million in late 2021 through an NFT membership sale and a subsequent token offering pitched as a crypto hedge fund.
- Search warrants led to the seizure of digital devices and documents as the SFO examines suspected offences and traces what happened to investor funds.
- Preliminary leads being assessed suggest investor money may have been diverted and performance dashboards fabricated, though these allegations remain under investigation.
- The agency urged victims to contact it at a dedicated address and noted the case as its first major crypto probe, while the BASIS token dropped steeply following the announcement.