The UK's Serious Fraud Office (SFO) has launched an investigation into the collapse of a cryptocurrency project valued at approximately $28 million. This marks the SFO's first major crypto-related inquiry. The case involves Basis Markets, which raised funds through two public NFT sales in 2021 to establish a crypto hedge fund. In June 2022, investors were informed that the project was hindered by proposed U.S. regulatory measures. The SFO, in collaboration with police, conducted raids in London and West Yorkshire, arresting two individuals suspected of fraud and money laundering.