The U.K. Serious Fraud Office executed search warrants and arrested two men in a probe of Basis Markets, a failed crypto hedge fund that raised at least $28 million from retail investors via an NFT membership sale (Nov 2021) and a token offering (Dec 2021). Authorities seized devices and documents and allege funds were sent to personal wallets and used for fraud and money laundering. Basis’s BASIS token saw a $10.8M dump on April 27, 2022 and plunged nearly 40% after the probe was announced. The SFO is urging victims to come forward; a founder is likely identified as Adam Cobb‑Webb.

SFO executed raids and arrested two suspects; devices and documents were seized; authorities allege funds were routed to personal wallets and used for fraud and money laundering; Basis raised at least $28M via NFT and token sales; BASIS token experienced a $10.8M dump and ~40% plunge after the probe announcement—facts that directly harm the token and investor confidence.