The UK’s Serious Fraud Office (SFO) has initiated a major investigation into the Basis Markets cryptocurrency scheme, which has raised a staggering $28 million. According to the conclusions drawn in the analytical report, this marks a significant step in the SFO's efforts to combat fraud in the rapidly evolving cryptocurrency landscape.
Arrests Made in Basis Markets Investigation
The investigation has already led to the arrest of two individuals connected to the Basis Markets case. This is the SFO's first high-profile inquiry into the cryptocurrency sector, underscoring its commitment to addressing large-scale fraud and protecting investors.
Background on Basis Markets
Basis Markets, which had promised substantial returns through its crypto hedge fund, began facing serious issues by June 2022. Investors raised concerns over misdirected funds and the absence of refunds, prompting the SFO to take action.
Public Appeal for Information
In a bid to gather more information, the SFO is actively appealing to the public for any relevant details that could assist in their investigation. This case highlights the increasing scrutiny of cryptocurrency schemes by regulatory bodies as they seek to ensure accountability in the industry.
In a recent shift within the cryptocurrency sector, 21Shares has transitioned its custody services from Zodia to Standard Chartered, reflecting the growing convergence of traditional finance and digital assets. For more details, see read more.
