LONDON, Nov. 20 -- The government of the United Kingdom issued the following news:

The Serious Fraud Office (SFO) today issued an appeal for investors to come forward with any information they hold about the collapse of a $28 million cryptocurrency schemecalled Basis Markets.

The SFO launched an investigation intothesuspected fraudulent schemewithtwo raidsinWestYorkshire and London.

Investigators, supported by theMetropolitan Policeand West Yorkshire Police, searchedproperties in Herne Hill andnear Bradford,arrestingtwomen, one in his thirties and another in his forties,on suspicion ofmultiplefraudand money laundering offences.

Basis Markets raisedapproximately US$28mviatwo public fundraisers, one in November 2021via the sale of non-fungible tokensand the other in December 2021,using fundsto create a "crypto hedge fund".

In June 2022 investors were informedthat,due to proposed new US regulations,the project could no longerproceedas planned.

This is the first majorcryptocurrencycaseannouncedby the SFO.

Nick Ephgrave QPM, Director of the Serious Fraud Office (SFO), said:

With our expanding crypto currency 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.

Solicitor General EllieReeves MPsaid:

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.

Investors can contact the SFO with information about this investigation at BasisMarkets@sfo.gov.uk.

Press Office

Email news@sfo.gov.uk

Out of hours press office contact number +44 (0)7557 009842

Disclaimer: Curated by HT Syndication.