UK SFO launches its first major cryptocurrency fraud investigation, probing a collapsed scheme called Basis Markets, which reportedly raised about US $28M via NFTs and token sales

The SFO, working with Metropolitan Police and West Yorkshire Police, has arrested two men on suspicion of fraud and money laundering following coordinated raids in London and West Yorkshire targeting Basis Markets, which raised funds through NFT and token sales in late 2021.The investigation seeks to trace the flow of roughly $28 million raised from investors — funds that may have been misrepresented, misused, or diverted — underscoring rising enforcement against unregulated crypto schemes…