The Serious Fraud Office (SFO) in the UK announced on 20 November 2025 that it has launched an investigation into the collapse of a crypto scheme that raised around US$28 million via NFT fundraises and hedge-fund structures. Authorities have arrested two men on suspicion of fraud and money-laundering in what is the SFO’s first major crypto-asset investigation. The inquiry highlights increasing regulatory scrutiny of crypto markets and tightens compliance risk for firms with treasury exposures tied to digital-asset holdings.