A major cryptocurrency scam has been uncovered, resulting in a loss of over $50 million for investors from November 2024 to June 2025.
The Start of the Scam
The scam began in late 2024 with offers of over-the-counter (OTC) deals through invite-only Telegram groups. Investors were lured with well-known tokens like Aptos and GRT at discounts of up to 50% below market value.
Expansion and Investor Trust
From February 2025, the volume of OTC offerings increased significantly, with new tokens like SUI, NEAR, and Axelar being added. Despite warnings from crypto community insiders about the scam, many investors continued to participate, relying on past successful stories.
Community Seeking Justice
The crypto community is now actively seeking justice, with wallet addresses linked to the scammer being uncovered and transaction investigations underway. However, many affected parties remain uncertain about the potential for fund recovery.
This cryptocurrency scam highlights the need for investor vigilance and careful verification of deals to minimize the risk of losses.
