A £21.4 million ($28 million) crypto 'hedge fund' called Basis Markets is at the centre of a major fraud investigation, resulting in two arrests following police raids in London and West Yorkshire.
This case represents a significant development for UK regulators, marking the Serious Fraud Office's (SFO) first major move into the crypto space. The firm sold investors on a compelling promise: a way to profit from crypto's volatility while being shielded from its infamous price swings. The security, they claimed, was guaranteed by a sophisticated AI trading bot.
