The UK’s Serious Fraud Office (SFO) has made its first major criminal enforcement move against crypto-related fraud, arresting two men in London and Bradford on November 20, 2025. The arrests are tied to the suspected $28 million rug pull carried out by the now-defunct venture Basis Markets, which abruptly collapsed after raising millions from investors.
According to the SFO, Basis Markets raised roughly $28 million during two public fundraising rounds in late 2021, including a large NFT sale pitched as the foundation for a new crypto hedge fund. But by June 2022, investors were informed the project would be halted due to incoming US regulatory proposals, a claim now under scrutiny as investigators probe how the raised funds were actually handled.
The two suspects, men in their 30s and 40s, were arrested on suspicion of fraud and money laundering. In a statement, SFO Director Nick Ephgrave said the agency is strengthening its ability to track and prosecute crypto-enabled financial crimes, stressing that those who misuse digital assets to deceive investors “will be pursued.”
With the investigation widening, the SFO has issued a public call for victims or individuals with information about the scheme to come forward as authorities work to trace missing funds and establish the full extent of the alleged fraud.
