The UK's Serious Fraud Office (SFO) has initiated an investigation into Basis Markets, a cryptocurrency scam that allegedly raised around $28 million through NFT sales and cryptocurrency hedge funds in late 2021. The SFO, with assistance from the Metropolitan Police and West Yorkshire Police, has arrested two men in their 30s and 40s on charges of fraud and money laundering. Authorities are urging investors with knowledge of the scheme to assist in the ongoing investigation.