Basis Markets
Last changed 2026-10-27 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 2 → 0. The page establishes that the subject is itself a scheme, so the score is 0. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -173 |
| Sum | -108 |
- The page establishes that the subject is itself a scheme, so the score is 0.
Score: 0/100 (kept between 0 and 100)
How scoring works →Summary
Basis Markets was a UK-based project that raised approximately $28 million from retail investors in late 2021 through NFT membership sales and a BASIS token offering, marketing itself as a decentralized algorithmic hedge fund offering delta-neutral arbitrage returns. The UK Serious Fraud Office (SFO) opened a formal investigation and, on 20 November 2025, arrested two men on suspicion of fraud and money laundering in what the SFO described as its first major cryptocurrency case. The project shut down in June 2022 citing proposed US regulatory changes, and on-chain analysis by independent researchers alleged that investor funds were routed directly to founders' personal wallets rather than a project treasury.
Connected Entities
2 entities · 60 linked investigations- Basis Markets→mentioned with→Solana(75%)
Connected Through
1 shared actor · 337 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Solanaorganization
Timeline(9 events)
9 November 2021
Basis Markets NFT membership pre-sale conducted on Solana, raising approximately 32,000 SOL (approximately $7 million). On-chain data alleged by independent researchers shows proceeds distributed to founders' personal wallets within 16 minutes.
Crypto Sleuth Investigations (Medium) / The BlockDecember 2021
Basis Markets conducts public sale of its BASIS token, raising approximately $20.7 million in USDC.
The Block / Decrypt11 December 2021
Basis Markets mints 10 million BASIS tokens as alleged seed liquidity. On-chain investigators later allege the tokens were used to manipulate the BASIS token price through conduct resembling spoofing.
Crypto Sleuth Investigations (Medium)16 December 2021
Adam Cobb-Webb (TraderSkew) begins a period of alleged spoofing in WTI crude oil futures on NYMEX, later sanctioned by the CFTC. This period overlaps with the Basis Markets token fundraise.
CFTC Order Docket No. 23-3227 April 2022
Approximately $10.8 million in funds allegedly moved in a single day, according to on-chain researchers, prior to the project's formal closure announcement.
DecryptJune 2022
Basis Markets officially suspends operations, notifying investors it cannot proceed due to 'proposed new US regulations.' No refunds are issued.
Decrypt / crypto.newsAugust 2023
CFTC issues order against Adam Cobb-Webb for spoofing WTI oil futures contracts (December 2021 - January 2022), imposing a $150,000 fine and a one-year trading ban. Docket No. 23-32.
CFTC Press Release 8760-2317 November 2025
UK Serious Fraud Office, with Metropolitan Police and West Yorkshire Police, arrests two men — one in his thirties in Herne Hill, London, and one in his forties near Bradford — on suspicion of fraud and money laundering related to Basis Markets. Digital devices and documents seized.
GOV.UK / SFO Official Case Page20 November 2025
SFO publicly announces the Basis Markets investigation and arrests, issues public appeal for investor information via BasisMarkets@sfo.gov.uk. SFO Director Nick Ephgrave describes the case as the agency's first major cryptocurrency investigation.
GOV.UK / SFO Official Case PageDecision Log
- slot 461962403 · hash 132EgDxRXSUh5WZu2CiKzbWbLymDwM8jFfsnMELrQAC7
- slot 426516639 · hash By71YpfE1x3jbYPB8AQBeWgFRHjHSFjUoLRyoqpzgCTj
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/14/2026, 11:31:31 PM
last updated: 10/27/2026, 6:03:02 AM
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