Anyone who invested in the scheme is asked to come forward with information after raids by the Serious Fraud Office (SFO) on two properties as part of an investigation into the suspected fraudulent scheme.

Investigators, supported by the Metropolitan Police and West Yorkshire Police, searched properties in Herne Hill in south London and another near Bradford, arresting two men, one in his thirties and another in his forties, on suspicion of multiple fraud and money laundering offences. 

Basis Markets raised approximately $28m (£21m) via two public fundraisers, one in November 2021 through the sale of non-fungible tokens and the other in December 2021, using funds to create a ‘crypto hedge fund’.

In June 2022 investors were informed that, due to proposed new US regulations, the project could no longer proceed as planned.

This is the first major cryptocurrency case announced by the SFO.

Nick Ephgrave QPM, 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.

‘This action is an important step in our investigation, and we’re urging anyone with information to come forward and support our enquiries.’

Investors can contact the SFO at [email protected].