UK Serious Fraud Office arrests 2 people linked to 'Basis Markets' on $28 million rug pull suspicion
Summary
- The UK's Serious Fraud Office has reportedly launched an official investigation into 'Basis Markets', which is accused of a $28 million rug pull (exit scam).
- 'Basis Markets' raised approximately $20.7 million through a BASIS token offering and NFT sales at the end of 2021 but suddenly ceased operations in June 2022.
- Investigators say investor funds were transferred to the operators' wallets and there is evidence of private use of the funds.
The UK's Serious Fraud Office (SFO) has reportedly launched an official investigation into the virtual asset (cryptocurrency) fund 'Basis Markets' over allegations of a $28 million rug pull (exit scam).
On the 21st (KST), CryptoNews reported that the SFO conducted searches in London and Brentford and arrested two suspects related to Basis Markets. They are accused of fraud and money laundering, but have not yet been formally charged.
Basis Markets was a project that raised approximately $20.7 million USDC through non-fungible token (NFT) sales and a BASIS token offering at the end of 2021. Basis Markets promised investors "low-risk returns," but suddenly ceased operations in June 2022.
However, the SFO says investor funds were transferred to the operators' wallets. According to the SFO, some associates displayed signs of private use of the raised funds, such as boasting about luxury watches on Discord. Nick Ephgrave, director of the SFO, said, "We will track any attempts to defraud investors using our expanding crypto investigation capabilities."
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