$50M Telegram scam exposed! – 4 altcoins targeted: Details here
Even with clear public warnings, millions kept streaming, what made financiers overlook the warnings?
Telegram OTC scam stole $50 million by providing phony discounted altcoin offers. In spite of warnings, financiers overlooked red flags and relied on fake crypto recommendations. An advanced scam operation on Telegram has actually just recently come to light, where unwary users were drawn into purchasing popular altcoins at apparently marked down costs. Coins were jeopardized in the OTC crypto rip-off Fraudsters impersonated over the counter (OTC) dealers, offering appealing token offers tied to vesting schedules. They targeted popular tasks like SUI, NEAR, SEI, and Axelar [AXL]– tokens with strong liquidity and active communities that lent credibility to the fraud. Victims lost over $50 million after falling for these deals. Crypto analyst Altcoin Alpha stated that promoters pushed the plan in personal Telegram groups. Popular crypto whales and investor appeared to endorse it, giving the scam added trustworthiness. From November 2024 to January 2025, the operation appeared genuine, with users posting revenues and urging others to sign up with. It quickly collapsed, revealed to be a traditional Ponzi scheme, where brand-new investors’ money was used to pay earlier participants. In June, whatever fell apart when token distributions all of a sudden stopped. The promoters vanished, providing unclear excuses about travel or exchange problems. What’s more? The Telegram scam acquired momentum throughout the early stages of the 2024 crypto bull run, beginning with what appeared to be legitimate OTC offers. Initially, tokens like The Chart (GRT), Aptos [ APT], Sei [SEI], and SWELL were used at steep discounts, as much as 50%, attracting purchasers with the appeal of early access and vested allotments. On-chain information validated the tokens’ existence in specific wallets, helping develop trustworthiness. How did it pertain to an end? The scam was openly exposed on the 19th of June, when Aza Ventures, a key broker involved in the offers, revealed it had been defrauded. The company identified a specific described as “Source 1” as the mastermind behind the worldwide $50 million Ponzi plan. Aza Ventures mentioned that they know his identity, declaring he was an Indian national and the creator of a project currently noted on Binance. However, they have chosen not to divulge his name, hoping to recover the taken funds through private negotiation. In parallel, blockchain analysts Altcoin Alpha and Crypto Sleith have declared that Ravindra Kumar, the creator of Self Chain, lagged the scheme. Kumar, nevertheless, has rejected the allegations and promised to issue a public declaration. Source: Ravindra Kumar/X Cautions were provided, but victims ignored them By May 2025, subtle cautions about the Telegram OTC fraud started to emerge. Lots of users ignored them amidst stable earnings. Eman Abio from the SUI team published on X: “There is NO offer.” He advised users to prevent deceptive OTC offers on Telegram. Source: Altcoin Alpha/X Likewise, Lucian Mincu, co-founder of MultiversX (previously Elrond), amplified the caution. These alerts stopped working to gain major traction. Investors, swayed by earlier profits and endorsements from relied on figures, continued to get involved. The allure of high discounts and previous success stories muffled the cautionary voices, enabling the $50 million rip-off to broaden and continue. Information sets on the increase in crypto criminal offenses Hence, as crypto-related crimes continue to evolve, a pushing concern remains: the length of time can this pattern continue unattended? On the 15th of January 2025, Chainalysis reported that illicit crypto addresses received $40.9 billion in 2024, down from previous years. Professionals consider this figure conservative, as investigators continue discovering more illicit wallets. This growing concern is now influencing market belief and habits. Effect on the cost of altcoins compromised In the aftermath of the $50 million Telegram scam, tokens like SUI, NEAR, and AXL saw noticeable 24-hour declines of 4%, 4.8%, and 1.88%, respectively, at press time. Remarkably, SEI stood out with a 5.08% gain, defying the more comprehensive sag, according to CoinMarketCap. Share Tweet
Telegram OTC fraud took $50 million by providing phony reduced altcoin offers. Coins were jeopardized in the OTC crypto rip-off Fraudsters presented as non-prescription (OTC) dealerships, using appealing token offers tied to vesting schedules. Prominent crypto whales and venture capitalists appeared to endorse it, giving the fraud added credibility. The Telegram scam acquired momentum during the early phases of the 2024 crypto bull run, kicking off with what appeared to be genuine OTC deals. Impact on the price of altcoins jeopardized In the aftermath of the $50 million Telegram scam, tokens like SUI, NEAR, and AXL saw noticeable 24-hour decreases of 4%, 4.8%, and 1.88%, respectively, at press time.
