"Basis Markets, which the SFO described as a suspected fraudulent scheme and is not a company, is said to have raised millions of pounds via two public fundraisers in November and December 2021, stating it would use the cash to create a crypto hedge fund. Six months after the fundraisings in June 2022, investors are alleged to have been informed that proposed new US regulations were preventing the project from proceeding as planned."
"Nick Ephgrave, the director of the 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 inquiries. The agency said the investigation was the first major cryptocurrency case it had announced."
The Serious Fraud Office arrested two men, aged in their 30s and 40s, on suspicion of multiple fraud and money-laundering offences after raiding sites in West Yorkshire and London. The probe targets a suspected fraudulent scheme called Basis Markets that reportedly raised millions via public fundraisers in November and December 2021 promising to create a crypto hedge fund. In June 2022 investors were allegedly told new US regulations blocked the project. The SFO is focusing on that announcement and the disposition of investor funds. The agency has expanded crypto capabilities and received additional funding to recover crypto assets.
Read at www.theguardian.com
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