A massive $50 million cryptocurrency scam has been uncovered on Telegram, where fraudsters lured high-profile investors, influencers, and crypto whales into fake OTC (over-the-counter) deals. The operation spanned multiple altcoins and platforms, exposing a major security lapse in private crypto trading channels.
Late June 2025 dropped a bombshell in crypto circles: a jaw‑dropping $50 million scam carried out via Telegram OTC channels, targeting some of the biggest names in crypto—whales, influencers, and seasoned venture capitalists—by promising them deep‑discounted altcoin allocations. This wasn’t your average rug pull; it was an elaborate, long‑running Ponzi scheme that played out in private Telegram groups, seemingly under everyone’s radar… until now.
The operation began last November, coinciding with renewed altcoin hype. A Telegram channel masquerading as a Tier‑1 OTC desk, possibly linked to a VC entity called Aza Ventures, started offering highly discounted deals on tokens like The Graph (GRT), Aptos, SEI, SUI, Axelar, NEAR, and several others—all with generous 4–5 month vesting plans. Early investors received their tokens, validating the premise and creating a sense of trust.
Those initial payouts opened the floodgates. Bigger investors came in—larger sums, deeper trust—until dozens of big‑ticket deals were in motion. By spring, the iceberg hidden beneath the waterline had grown massive. On June 1, they even promoted a new token called FLUID. Full steam ahead… until whistleblowers raised the alarm. On‑chain data showed that the tokens didn’t exist in project treasury wallets as promised, and token teams themselves—like SUI and E Gold—warned their communities that no official allocation existed.
As more victims came forward, the truth became toxic: roughly $50 million had evaporated. Aza Ventures publicly confirmed a Ponzi‑style collapse and acknowledged fake deals. While some value might be recovered, most buyers are staring at massive unrealized losses.
This wasn’t amateurs. The scam targeted several layers of the crypto ecosystem:
Whales moved in with millions.
Crypto influencers (KOLs) with public followings got pulled in by credibility and hype.
VCs and broker‑dealers, including the supposed head of Aza Ventures, got caught—some even facilitated deals unknowingly.
Mid‑size traders who believed they’d struck a rare discount echoed regretful tales.
One figure dubbed “Source 1” emerged as the alleged scam architect. Rumors tied this persona to a founder of a Binance‑listed chain known as Self Chain. That person, Ravindra Kumar, publicly denied involvement, insisting he was the victim of false accusations.
When hindsight kicked in, the warning signs were easier to spot:
First, too‑good‑to‑be‑true pricing on well‑known tokens—50 % discounts on vested allocations are unheard of.
Second, private Telegram-only deals bypassed standard issuer comms. Major token teams themselves said nothing of the deals.
Third, siloed vetting—no external audits, no escrow, no legal contracts.
Finally, victims reported delayed transfers and endless excuses—classic Ponzi dynamics.
All this culminated in the full collapse once the bottom-line caught up. Victims report their funds locked in limbo, with some expecting to recover “some” value by end of June.
Accusations and identity drama followed. The alleged orchestrator took to X (formerly Twitter) denying everything, calling the claims \completely false\ and promising legal pushback. Indian OTC broker Mohammed Waseem from Aza Ventures admitted they’d inadvertently helped execute dozens of fraudulent deals, expressing regret and framing things as “we have been scammed.”
The scam channel operator framed the strategy as deliberate: identity protection allowed recovery leverage before possible doxxing or legal exposure. Time will tell whether that strategy pans out.
This wasn't a small scam—it rattled the industry. Many victims are influential voices; their losses reverberated across Telegram and beyond. Some token prices saw minor dips when warnings came out. But as the market digested the news, a broader shift occurred: increased scrutiny of OTC deals, seller identity, and uncensored governance of these private trading channels.
Meanwhile, Telegram remains a double-edged sword—trusted for privacy, but fertile ground for asynchronous deception. It’s the kind of platform where crypto enthusiasts congregate, but also where scammers quietly test new tactics.
Trust is fragile in crypto. Here are the most important lessons:
Never buy major tokens at massive, unverified discounts.
Demand transparent proof of token existence—escrow wallets, team announcements, audit trails.
Verify seller identity, especially if privileged access is claimed.
Avoid private‑only deals—they lack institutional safeguards.
If it seems too good to be true, it probably is.
Authorities have been alerted. Aza Ventures says exchanges and law enforcement are on the case. Freezing suspicious wallets is possible—but cross‑jurisdiction and pseudonymous wallets complicate things. Still, recovery efforts may get traction before end of June.
Meanwhile, the crypto ecosystem is adapting. Token teams have strengthened communications to warn investors more directly. OTC brokers are beefing up due diligence and clarity protocols. And individuals think twice before trusting Telegram‑only deals.
This scam shines a harsh light on an evolving threat in crypto. Private, OTC deals—once rare—are now a playground for both legitimate deals and sophisticated fraud. That $50 million loss didn’t just drain wallets—it shook confidence.
But every crisis brings clarity. Token teams are more vocal. OTC brokers are getting smarter. Investors are warier and better informed. Telegram remains a powerful tool—but only if users arm themselves with vigilance.
If there’s a silver lining, it’s this: knowledge grows faster than scams. Learn the red flags, demand transparency, and never let hype override fundamentals. Because in crypto, staying savvy is your best defense.
Like
Dislike
Love
Angry
Sad
Funny
Wow
The Impact of Controversy on Top TikTok Stars: A Detailed Analysis
April 09, 2025
Ethereum's Ascent to New Heights: Analyzing Reasons Behind Its Record Value
April 08, 2025
Sway Takes the Social Media World by Storm: Analysis of Its Rapid Growth
April 10, 2025
Neuralink's Mind-Controlled Robotics: A Breakthrough in Technology
April 08, 2025
How a 10-Minute Full Body Workout Can Transform Your Fitness Routine
April 08, 2025
Comments 0