PANews reported on November 21 that, according to Reuters, the UK's Serious Fraud Office (SFO) said on Thursday it is investigating the collapse of a $28 million cryptocurrency project and is appealing to investors to come forward with leads after two men were arrested on suspicion of fraud and money laundering. The SFO stated that this is its first major cryptocurrency investigation. Basis Markets raised funds through two public fundraising events in late 2021 via NFTs and used the funds to create a cryptocurrency hedge fund. The SFO noted that in June 2022, investors were informed that the project had been canceled due to proposed new regulations in the United States. The SFO was unable to provide further details at this time.

Earlier on Thursday, SFO investigators and police officers arrested the two men following two raids in London and West Yorkshire in northern England. SFO Director Nick Ephgrave stated, "As our capabilities and expertise in the crypto space continue to expand, we are determined to track down any criminals attempting to defraud investors using cryptocurrencies."