UK Makes First Major Crypto Arrests in $28 Million Basis Markets Scandal

The UK's Serious Fraud Office (SFO) conducted its first major cryptocurrency arrests, detaining two men in London and Bradford in connection with an alleged $28 million fraud involving the Basis Markets scheme. This operation, supported by local police, marks a significant expansion of the SFO's focus on digital asset crime. Basis Markets raised $28 million through two NFT-based fundraisers in late 2021, promising investors a crypto hedge fund, but the project abruptly halted in June 2022. The SFO is actively seeking victims and whistleblowers, as this investigation is expected to set important legal precedents for prosecuting complex crypto fraud cases in the UK, aligning with broader government strategies against economic crime.

(Source：BeInCrypto)