Audit log

Every state-changing event for Basis Markets: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-14 23:31:41Z
   Score: ? → ? (no score change)
   anchoranchored

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   ●mainnet-betaslot 426,516,639

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   46xAYFvKHiX7…omyaNLgrcopyexplorer ↗

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   By71YpfE1x3j…oqpzgCTjcopysha256 → base58

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   {"actor":"system:backfill","investigation_id":"2c612172-efdc-45b9-b7b2-45701c9f6924","kind":"publish","page_slug":"basis-markets","published_at":"2026-06-14T23:31:41.412Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Basis Markets","sections":[{"content":"Basis Markets presented itself as a decentralised crypto hedge fund offering 'delta-neutral' yield through arbitrage strategies, positioned as institutional-grade trading accessible to retail investors. The project launched in late 2021, with a team that claimed over 80 years of combined experience in traditional finance, software development, and crypto infrastructure. Founders operated primarily under pseudonyms, including TraderSkew, Andreas, DeltaOneDennis, CryptoBoole, TedTalksMacro, and Comguito. The project was built on the Solana blockchain. Investors were promised high returns from automated trading strategies and were shown fabricated dashboards displaying yields from algorithmic trading that independent investigators and the SFO allege never existed.","heading":"Background and Business Model","severity":"critical","sources":[{"credibility":2,"name":"UK Fraud Office Probes $28M Crypto Fund Collapse, Two Arrested — Decrypt","type":"news_article","url":"https://decrypt.co/349506/uk-fraud-office-probes-28m-crypto-fund-collapse-two-arrested"},{"credibility":2,"name":"UK SFO Arrests Two in $28 Million Basis Markets Crypto Fraud Probe — FinanceFeeds","type":"news_article","url":"https://financefeeds.com/uk-sfo-arrests-two-in-28-million-basis-markets-crypto-fraud-probe/"},{"credibility":2,"name":"Basis Markets on Solana — Solana Compass","type":"other","url":"https://solanacompass.com/projects/basis-markets"}]},{"content":"Basis Markets conducted two public fundraising rounds in late 2021. In November 2021, it sold a membership NFT collection at approximately $1,880 per NFT, raising approximately 32,000 SOL (roughly $7 million at the time). NFT holders were promised monthly profit distributions from the fund's trading returns. In December 2021, Basis Markets launched a public sale of its BASIS token, raising an additional $20.7 million in USDC. Combined, the two rounds raised approximately $28 million from retail investors. Both fundraisers were open to the public. The SFO has confirmed it is investigating these fundraising events as the alleged predicate to fraud and money laundering.","heading":"Fundraising","severity":"critical","sources":[{"credibility":2,"name":"British fraud office arrests two men accused of $28 million Basis Markets rug pull — The Block","type":"news_article","url":"https://www.theblock.co/post/379756/british-fraud-office-arrests-two-men-accused-28-million-basis-markets-rug-pull"},{"credibility":2,"name":"UK Makes First Major Crypto Arrests in $28 Million Basis Markets Scandal — Yahoo Finance","type":"news_article","url":"https://finance.yahoo.com/news/uk-fraud-office-makes-first-092700316.html"},{"credibility":3,"name":"Basis Markets Investigation Part 3 — Blockchain — NFT capital raise — Crypto Sleuth Investigations (Medium)","type":"research","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-3-blockchain-nft-capital-raise-c983bc652460"}]},{"content":"Independent on-chain research published by Crypto Sleuth Investigations alleged that the NFT and token proceeds were not directed to a project treasury but were instead distributed directly to the personal wallets of the founders within minutes of the fundraise closing. The pre-sale NFT round on 9 November 2021 raised 24,048 SOL; on-chain records allegedly show that distribution began within 16 minutes of the raise concluding, split in a ratio that mirrored the founders' equity structure: 51% to TraderSkew, 20% to Andreas, 10% to DeltaOneDennis, 7% each to TedTalksMacro and CryptoBoole, and 5% to Comguito. The project also allegedly minted 10 million BASIS tokens on 11 December 2021 as purported seed liquidity, which Crypto Sleuth Investigations alleged were used to manipulate the BASIS token price through conduct bearing characteristics of spoofing. The project promised a 12-month lockup of founder tokens but allegedly did not honour this commitment. The SFO has characterised the scheme as a 'suspected fraudulent crypto hedge fund' and the IBTimes described investor-facing dashboards as fabricated, displaying yields from automated trading strategies that never existed.","heading":"Alleged Fraud Mechanism and On-Chain Evidence","severity":"critical","sources":[{"credibility":3,"name":"Basis Markets Investigation Part 4 — Blockchain — $BASIS token raise — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-4-blockchain-basis-token-raise-ca6b407b1250"},{"credibility":3,"name":"Basis Markets Investigation Part 5 — Blockchain — Use of Project Funds — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-5-blockchain-use-of-project-funds-8a001dfa38c2"},{"credibility":3,"name":"Basis Markets Investigation Part 6 — Blockchain — Seed Liquidity and Spoofing — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-6-blockchain-seed-liquidity-and-spoofing-6a12b2aa7673"},{"credibility":2,"name":"£21 Million Crypto Scam Exposed: The AI Trading Bot That Was Pure Fantasy — IBTimes UK","type":"news_article","url":"https://www.ibtimes.co.uk/21-million-crypto-scam-exposed-ai-trading-bot-that-was-pure-fantasy-1757771"}]},{"content":"In June 2022, Basis Markets abruptly ceased operations. Organisers cited 'proposed new US regulations' as making continuation of the project untenable. No refunds were issued to investors, and no accounting of investor funds was provided. On-chain data cited by Crypto Sleuth Investigations suggests that approximately $10.8 million was moved in a single day on 27 April 2022, prior to the official closure notice. The project delivered no working trading product. Founders allegedly displayed luxury watches in Discord channels during the shutdown period, according to FinanceFeeds reporting.","heading":"Project Collapse","severity":"critical","sources":[{"credibility":2,"name":"UK Fraud Office Probes $28M Crypto Fund Collapse, Two Arrested — Decrypt","type":"news_article","url":"https://decrypt.co/349506/uk-fraud-office-probes-28m-crypto-fund-collapse-two-arrested"},{"credibility":2,"name":"UK SFO Arrests Two in $28 Million Basis Markets Crypto Fraud Probe — FinanceFeeds","type":"news_article","url":"https://financefeeds.com/uk-sfo-arrests-two-in-28-million-basis-markets-crypto-fraud-probe/"}]},{"content":"On 20 November 2025, the UK Serious Fraud Office announced the opening of a formal investigation into Basis Markets and confirmed that two men had been arrested in coordinated searches conducted on 17 November 2025. One man, described as being in his thirties, was arrested in Herne Hill, south London. A second man, described as being in his forties, was arrested near Bradford, West Yorkshire. Both arrests were made on suspicion of fraud and money laundering. The Metropolitan Police and West Yorkshire Police supported the operations, during which digital devices and documents were seized. The SFO described this investigation as its first major cryptocurrency case. SFO Director Nick Ephgrave QPM stated: 'With our expanding cryptocurrency capability and growing expertise in this area, we are determined to pursue anyone who would seek to use cryptocurrency to defraud investors.' Solicitor General Ellie Reeves MP added: 'Fraud is a destructive crime, that harms communities and destroys business confidence.' No formal charges had been filed as of the November 2025 announcement. The SFO issued a public appeal requesting that investors contact BasisMarkets@sfo.gov.uk with information. The investigation remained open as of that date.","heading":"UK Serious Fraud Office Investigation and Arrests","severity":"critical","sources":[{"credibility":1,"name":"Basis Markets — GOV.UK (Official SFO Case Page)","type":"regulatory","url":"https://www.gov.uk/sfo-cases/basis-markets"},{"credibility":2,"name":"UK SFO Investigates $28 Million Basis Markets Crypto Fraud Scheme — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2025/11/21/uk-sfo-investigates-28-million-basis-markets-crypto-fraud-scheme/"},{"credibility":2,"name":"UK SFO Cracks Down on $28M Basis Markets NFT Fraud — BeInCrypto","type":"news_article","url":"https://beincrypto.com/uk-crypto-basis-markets-arrests/"},{"credibility":2,"name":"UK fraud office arrests two in $28M crypto fund collapse probe — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/uk-fraud-office-arrests-two-in-28m/"}]},{"content":"Adam Cobb-Webb, who operated under the pseudonym TraderSkew and has been identified as a UK national, was named in CFTC enforcement proceedings in 2023 in connection with unrelated conduct. The CFTC issued an order on 1 August 2023 (Docket No. 23-32) finding that Cobb-Webb engaged in multiple instances of spoofing in West Texas Intermediate crude oil futures contracts traded on NYMEX from approximately 16 December 2021 through at least 14 January 2022 — a period that overlaps with the Basis Markets fundraising. The CFTC order required Cobb-Webb to pay a $150,000 civil monetary penalty and imposed a one-year ban from trading on CFTC-regulated exchanges. Cobb-Webb's connection to Basis Markets was identified by independent investigators through on-chain analysis and cross-referencing of the pseudonym TraderSkew with CFTC filings. The SFO has not publicly named the individuals arrested in November 2025. Decrypt reported that Cobb-Webb is a 48-year-old UK national, though this characterisation relies on secondary reporting and not a direct SFO statement. No other founders have been publicly identified by name in connection with the SFO investigation.","heading":"Named Individuals and Prior Regulatory Actions","severity":"high","sources":[{"credibility":1,"name":"CFTC Orders UK Trader to Pay $150,000 and Imposes a One-Year Trading Ban for Spoofing in WTI Futures — CFTC Press Release 8760-23","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8760-23"},{"credibility":1,"name":"In the Matter of Adam Cobb-Webb — CFTC Order (Docket No. 23-32)","type":"court_filing","url":"https://www.cftc.gov/media/9091/enfadamcobbwebborder080123/download"},{"credibility":2,"name":"UK Fraud Office Probes $28M Crypto Fund Collapse, Two Arrested — Decrypt","type":"news_article","url":"https://decrypt.co/349506/uk-fraud-office-probes-28m-crypto-fund-collapse-two-arrested"},{"credibility":2,"name":"UK SFO Arrests Two in $28 Million Basis Markets Crypto Fraud Probe — FinanceFeeds","type":"news_article","url":"https://financefeeds.com/uk-sfo-arrests-two-in-28-million-basis-markets-crypto-fraud-probe/"}]},{"content":"The Basis Markets case represents the SFO's first major cryptocurrency investigation and arrest operation. Legal commentators and industry publications have noted the case as a signal of increased UK regulatory willingness to pursue criminal charges in crypto fraud cases. The SFO's public statements emphasised its growing technical capability in cryptocurrency matters. The outcome of any prosecution would be the first major crypto fraud conviction or acquittal in the UK and is expected to have precedent-setting implications for how UK authorities approach future digital asset fraud cases.","heading":"Significance for UK Crypto Enforcement","severity":"medium","sources":[{"credibility":2,"name":"The New Era of Crypto Enforcement: Lessons from the UK's SFO Investigation into Basis Markets — AInvest","type":"news_article","url":"https://www.ainvest.com/news/era-crypto-enforcement-lessons-uk-sfo-investigation-basis-markets-2511/"},{"credibility":2,"name":"What is to come from the SFO in 2026? — BCL Solicitors","type":"other","url":"https://www.bcl.com/news/what-is-to-come-from-the-sfo-in-2026-already-a-year-of-change-and-challenge"}]}],"sources_used":[{"credibility":1,"name":"Basis Markets — GOV.UK (Official SFO Case Page)","type":"regulatory","url":"https://www.gov.uk/sfo-cases/basis-markets"},{"credibility":1,"name":"CFTC Orders UK Trader to Pay $150,000 and Imposes a One-Year Trading Ban for Spoofing in WTI Futures — CFTC Press Release 8760-23","type":"regulatory","url":"https://www.cftc.gov/PressRoom/PressReleases/8760-23"},{"credibility":1,"name":"In the Matter of Adam Cobb-Webb — CFTC Order Docket No. 23-32","type":"court_filing","url":"https://www.cftc.gov/media/9091/enfadamcobbwebborder080123/download"},{"credibility":2,"name":"UK Fraud Office Probes $28M Crypto Fund Collapse, Two Arrested — Decrypt","type":"news_article","url":"https://decrypt.co/349506/uk-fraud-office-probes-28m-crypto-fund-collapse-two-arrested"},{"credibility":2,"name":"British fraud office arrests two men accused of $28 million Basis Markets rug pull — The Block","type":"news_article","url":"https://www.theblock.co/post/379756/british-fraud-office-arrests-two-men-accused-28-million-basis-markets-rug-pull"},{"credibility":2,"name":"UK SFO Arrests Two in $28 Million Basis Markets Crypto Fraud Probe — FinanceFeeds","type":"news_article","url":"https://financefeeds.com/uk-sfo-arrests-two-in-28-million-basis-markets-crypto-fraud-probe/"},{"credibility":2,"name":"UK SFO Cracks Down on $28M Basis Markets NFT Fraud — BeInCrypto","type":"news_article","url":"https://beincrypto.com/uk-crypto-basis-markets-arrests/"},{"credibility":2,"name":"UK cracks down on crypto fraud as SFO arrests two in £21M NFT hedge-fund scandal — AMBCrypto","type":"news_article","url":"https://ambcrypto.com/uk-cracks-down-on-crypto-fraud-as-sfo-arrests-two-in-21m-nft-hedge-fund-scandal/"},{"credibility":2,"name":"UK launches investigation into suspected $28 million Basis Markets crypto scam — crypto.news","type":"news_article","url":"https://crypto.news/uk-launches-investigation-into-suspected-28-million-basis-markets-crypto-scam/"},{"credibility":2,"name":"UK SFO Investigates $28 Million Basis Markets Crypto Fraud Scheme — CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2025/11/21/uk-sfo-investigates-28-million-basis-markets-crypto-fraud-scheme/"},{"credibility":2,"name":"UK fraud office arrests two in $28M crypto fund collapse probe — Cryptopolitan","type":"news_article","url":"https://www.cryptopolitan.com/uk-fraud-office-arrests-two-in-28m/"},{"credibility":2,"name":"£21 Million Crypto Scam Exposed: The AI Trading Bot That Was Pure Fantasy — IBTimes UK","type":"news_article","url":"https://www.ibtimes.co.uk/21-million-crypto-scam-exposed-ai-trading-bot-that-was-pure-fantasy-1757771"},{"credibility":3,"name":"Basis Markets Investigation Part 1 — Executive Summary — Crypto Sleuth Investigations (Medium)","type":"research","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-1-executive-summary-ea117d71df9b"},{"credibility":3,"name":"Basis Markets Investigation Part 3 — Blockchain — NFT capital raise — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-3-blockchain-nft-capital-raise-c983bc652460"},{"credibility":3,"name":"Basis Markets Investigation Part 4 — Blockchain — $BASIS token raise — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-4-blockchain-basis-token-raise-ca6b407b1200"},{"credibility":3,"name":"Basis Markets Investigation Part 5 — Blockchain — Use of Project Funds — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-5-blockchain-use-of-project-funds-8a001dfa38c2"},{"credibility":3,"name":"Basis Markets Investigation Part 6 — Blockchain — Seed Liquidity and Spoofing — Crypto Sleuth Investigations (Medium)","type":"on_chain","url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-6-blockchain-seed-liquidity-and-spoofing-6a12b2aa7673"},{"credibility":2,"name":"The New Era of Crypto Enforcement: Lessons from the UK's SFO Investigation into Basis Markets — AInvest","type":"news_article","url":"https://www.ainvest.com/news/era-crypto-enforcement-lessons-uk-sfo-investigation-basis-markets-2511/"}],"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.","timeline":[{"date":"2021-11-09","event":"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.","source":"Crypto Sleuth Investigations (Medium) / The Block","source_url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-3-blockchain-nft-capital-raise-c983bc652460"},{"date":"2021-12","event":"Basis Markets conducts public sale of its BASIS token, raising approximately $20.7 million in USDC.","source":"The Block / Decrypt","source_url":"https://www.theblock.co/post/379756/british-fraud-office-arrests-two-men-accused-28-million-basis-markets-rug-pull"},{"date":"2021-12-11","event":"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.","source":"Crypto Sleuth Investigations (Medium)","source_url":"https://medium.com/@Crypto_Sleuths/basis-markets-investigation-part-6-blockchain-seed-liquidity-and-spoofing-6a12b2aa7673"},{"date":"2021-12-16","event":"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.","source":"CFTC Order Docket No. 23-32","source_url":"https://www.cftc.gov/media/9091/enfadamcobbwebborder080123/download"},{"date":"2022-04-27","event":"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.","source":"Decrypt","source_url":"https://decrypt.co/349506/uk-fraud-office-probes-28m-crypto-fund-collapse-two-arrested"},{"date":"2022-06","event":"Basis Markets officially suspends operations, notifying investors it cannot proceed due to 'proposed new US regulations.' No refunds are issued.","source":"Decrypt / crypto.news","source_url":"https://crypto.news/uk-launches-investigation-into-suspected-28-million-basis-markets-crypto-scam/"},{"date":"2023-08-01","event":"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.","source":"CFTC Press Release 8760-23","source_url":"https://www.cftc.gov/PressRoom/PressReleases/8760-23"},{"date":"2025-11-17","event":"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.","source":"GOV.UK / SFO Official Case Page","source_url":"https://www.gov.uk/sfo-cases/basis-markets"},{"date":"2025-11-20","event":"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.","source":"GOV.UK / SFO Official Case Page","source_url":"https://www.gov.uk/sfo-cases/basis-markets"}]},"v":1}

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