[UK Serious Fraud Office Investigates $28 Million Crypto Fund Collapse, Two Arrested] According to a report by Jinse Finance, the UK Serious Fraud Office (SFO) announced on Thursday that it is investigating the now-defunct crypto project Basis Markets. The project raised approximately $28 million at the end of 2021 through NFT membership sales and token issuance before abruptly shutting down. Investigators have executed search warrants in London and West Yorkshire, arresting two men and seizing digital devices and documents. According to the SFO, Basis Markets had promised investors low-risk returns, but by June 2022, investors were informed that "due to newly proposed regulations in the United States, the project could not proceed as planned." The investigation revealed that the funds may have been directly transferred to personal wallets controlled by an anonymous team. SFO Director Nick Ephgrave stated: "With our ever-expanding cryptocurrency investigation capabilities, we are determined to hold accountable anyone attempting to defraud investors through cryptocurrency." The BASIS token dropped nearly 40% following the announcement of the investigation by UK authorities.